Brexit : UK comes under pressure at G20 by some European and Asian countries to leave EU quickly

July 23, 2016 4:13 pm

Britain’s Chancellor of the
Exchequer Philip Hammond (C) walks to a meeting during the G20 finance
ministers and central bank governors conference held in Chengdu in
Southwestern China’s Sichuan province, July 23, 2016. © Reuters

The has come
under pressure by some European and Asian countries to start the process
of leaving the European Union as soon as possible.

Finance
ministers and central bankers from  the Group of 20 countries (G20),
who are meeting in China’s southwestern city of Chengdu for the first
time since the Brexit vote, expressed concern that a long delay to start
the exit negotiations could add to uncertainties that are dragging on
the world economy.
“We have to have certainty now around the
timetable,” French Finance Minister Michel Sapin said. “We say that not
to put undue pressure on the British authorities but because I believe
that is what everyone – all observers and the markets – need.”
“I
hope that there is going to be clarification about the timing and
process of the divorce,” Italy’s Economy Minister Pier Carlo Padoan
said. “The sooner the better so this generates a new equilibrium.”
Some Asian G20 countries have also joined the chorus, calling for “-EU negotiations to settle quickly.”
“If
it doesn’t act quickly, negative effects on corporate investment would
be prolonged,” said an official from an Asian G20 country. “We want
UK-EU negotiations to settle quickly in a way that won’t affect business
strategies in our country.”
The United States, however, called for patience, saying the process is too sensitive to be rushed.
“My
own view is that there is undue weight being given to a calendar which
is going to take a while to resolve, regardless of when you actually
begin the Article 50,” said a senior US Treasury official.
“The thing that would be very disruptive is a highly confrontational process,” the official added.
On
June 23, some 52 percent (17.4 million) of British people voted in a
referendum to leave the EU after 43 years of membership, while roughly
48 percent (16.14 million) of people voted to stay in the union.
The
results of the referendum prompted David Cameron to step down as prime
minister and leave the exit process to his successor Theresa May, who
was named within a few weeks after his resignation.
May, however,
has indicated she does not plan to trigger Article 50 of the Lisbon
treaty initiating the UK’s departure from the EU before the end of 2016.
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