The British Prime Minister, Theresa May MP, has confirmed her intention to invoke Article 50 of the Lisbon Treaty, the process under which the United Kingdom will formally exit the European Union, by the end of March 2017.
In her speech to the Conservative Party Conference, the Prime Minister said:
“And let’s be clear about what is going to happen. Article Fifty – triggered no later than the end of March.”
“But let me be clear about the agreement we seek. I want it to reflect the strong and mature relationships we enjoy with our European friends…I want it to involve free trade, in goods and services. I want it to give British companies the maximum freedom to trade with and operate within the Single Market – and let European businesses do the same here.”
Lloyd’s continues to lobby the Government on the benefits of maintaining access to the single market, preferably under current passporting rules, but we have also been working on how we will maintain our ability to trade freely with the European Union should that access be revoked.
Our focus has been on how we best write business onshore in the EU through alternative operating models such as a single subsidiary or establishing branches in the countries we trade in.
This is all with a view to ensuring our customers are able to access the Lloyd’s markets seamlessly for EU business.
Our intention is to have reached a conclusion on the best option for the Lloyd’s market early next year.
Lloyd's response to promise to invoke Article 50