British Prime Minister Theresa May signed a letter to invoke Article 50 which will be delivered to the European Council in Brussels today (Wednesday) at 11:30 p.m. GMT.
This was announced by May’s office with a photo showing the Prime Minister signing the Article 50 letter on Tuesday night. Once the European Council receives the letter, a two-year process to negotiate the UK’s exit terms will begin.
May spoke to European Council president, Donald Tusk and European Commission president Jean-Claude Juncker on the phone on Tuesday evening. She is expected to chair a meeting of the Cabinet this morning before speaking in Parliament.
The GBP/USD was trading at around 1.2579 before the announcement and has since fallen to around 1.2408.
Last June the UK held a referendum and the British people shocked the world by voting to leaving the bloc, making EU’s second largest economy the first country to make this move.
Last week the PM finally set the date for invoking Article 50 saying it will happen on the 29th of March, after signing the letter on Tuesday evening, Article 50 is expected to be triggered today and begin negotiations for the UK to leave the EU.