Article 50: withdrawing from the EU

This is a preview from the National Institute Economic Review, August 2016, no 237

Ahead of the forthcoming issue of the National Institute Economic Review (NIER no. 237) that will be published on Wednesday 3rd August, we release a series of boxes, each of them looking at specific aspects of the economic implications of the EU Referendum outcome.

This box, prepared by Dr Angus Armstrong, outlines the actual process of withdrawing from the EU according to the EU Treaty’s Article 50.

Angus Armstrong, Director of Macroeconomics at NIESR, said: “For the first time in over four decades the UK will take the lead in trade negotiations. The priority is to negotiate a future trade agreement with the EU. Because the UK specialises in trading high value services, the best outcome goes beyond a Free Trade Agreement and continues the deep integration with the single market. The UK then must find its way into the Transatlantic Trade and Investment Partnership (TTIP) which may have an enormous impact on services. This freedom to negotiate comes at a time of gradually rising trade restrictions, a moribund multilateral trade round (Doha) and increasing political concern about trade agreements which encroach on the domain of domestic policies.”