Commenting on the Government triggering Article 50, Danske Bank Economist Conor Lambe said:
“The UK Government today started the formal process of leaving the European Union by triggering Article 50. This means that the two-year clock has started ticking for the UK and EU to agree an exit package.
“Brexit has the potential to deliver some opportunities in the longer-term, particularly if the UK Government is successful in its aim to strike a number of free trade deals with countries around the world. But the next two years will bring a number of challenges. International negotiations are often extremely complex and the task of agreeing a comprehensive free trade deal, alongside finding common ground on issues such as financial obligations and the timeframe over which the terms of the negotiations will be implemented, should not be underestimated. The practicalities associated with Brexit will now start to be felt.
“For businesses in Northern Ireland, the future border arrangements with the Republic of Ireland remain a key feature of the upcoming negotiations. There will be no change to the current border for the next two years, but local businesses need to be thinking through the implications of some form of border control on their future operations and costs now.
“The present levels of uncertainty may increase in the months ahead as information on the progress made during the negotiations begins to emerge. This will be particularly relevant for the areas on which the two sides may have different opinions, such as how much money the UK should pay upon leaving or the terms of a free trade deal.”
This comment was published in response to the UK Government triggering Article 50 on 29th March 2017.