UK one step closer to finalizing Brexit
The UK has officially begun divorce proceedings from the EU. The House of Commons has passed the Article 50 bill—the legislative requirement necessary to begin divorce proceedings with the EU—and will now need approval from the House of Lords before becoming law. If all goes according to plan, Britain will officially leave the EU by April 2019.
Despite predictions of lower growth in the aftermath of the leave vote, the outlook for 2017 is looking relatively sanguine as the economy appears to be more resilient than initially anticipated. But there is still uncertainty over what Brexit will mean for UK businesses with tight links to the EU, including London’s large financial sector. Australia and the UK have begun work to scope out the parameters of a future bilateral trade agreement. The UK is currently Australia’s second largest source of foreign investment and 7th largest trading partner.