Weaker sterling must be discussed during Brexit talks

With this, the formal process of exiting the European Union began, which must conclude in two years.

Ryanair is already curtailing growth in Britain as a result of the Brexit vote, limiting capacity expansion to 6 percent this year from a planned 15 percent.

Jake Trask, currency analyst at OFX, said traders will be closely watching the EU's response for any signs as to how the exit talks might progress. "Thank you and goodbye". "I don't think we are going to be seeing that sort of money change hands". Our goal is clear: "to minimize the costs for the European Union citizens, businesses and member states".

It shall be concluded on behalf of the Union by the Council, acting by a qualified majority, after obtaining the consent of the European Parliament.

Former U.K. Independence Party leader Nigel Farage, who campaigned for years to take Brexit from fringe cause to reality, said Britain had passed "the point of no return".

Tusk has said that within 48 hours he will respond with a draft negotiating guidelines for the remaining 27 member states to consider.

The Article 50 negotiations are likely to be restricted to agreeing on the liabilities and payments Britain must make for the political divorce.

Stressing that she hoped Britain and the European Union would remain close partners, Merkel said the prospect of Brexit made many people in Europe anxious about their own personal future.

The pound lifted to 1.158 versus European currency, climbing from a rise of 0.2% to 0.6% by the time the Prime Minister had finished her address to Parliament.

Her government is approaching Brexit talks constructively, respectfully, and in a spirit of honest cooperation, May said.

Schaefer said uncertainty was "poison" for economic and trade ties as well as investment and added that there was a whole stack of issues that needed to be tackled in negotiations in the coming months.

Then there's the relationship between the two estranged powers.

"This is the case especially for the many Germans and European citizens in Britain".

"We all want to live in a truly global Britain that gets out and builds relationships with old friends and new allies around the world."
The EU says Britain can't have full access to the single market if it doesn't accept free movement, one of the bloc's key principles.

Officials on both sides hope by 2019 either to have a deal, or an agreement to keep talking during a transitional period.

Both Britain and the European Union say a top priority will be guaranteeing the rights of 3 million European Union citizens living in Britain, and 1 million Britons living elsewhere in the bloc.

Malta's Prime Minister Joseph Muscat said the remaining 27 European Union governments, and especially the 19 sharing the euro currency, needed to mitigate any negative consequences stemming from the sharp drop in sterling since Britain's June 2016 vote to leave.

  • Leroy Wright