Britain's government says it will trigger Article 50 on March 29

Britain's Prime Minister Theresa May

Britain's Prime Minister Theresa May

President of the European Council Donald Tusk has said he will issue draft Brexit negotiating guidelines to the other member states within 48 hours of the United Kingdom triggering article 50; in other words, before the end of next week.

In London triggering Article 50 became a political battle cry for Brexiters anxious about backtracking from leaving the EU.

The Pound Sterling fell half a cent against the dollar on what Brexit minister David Davis described as a move taking Britain to "the threshold of the most important negotiation for this country for a generation".

"Everything is ready on this side", Margaritis Schinas, the spokesman for European Commission chief Jean-Claude Juncker, told a briefing.

Dr Hannah White, IFG's director of research, said: "The legislation required for Brexit will leave little parliamentary time for anything else - and making a success of it will require a large volume of bills and secondary legislation to be passed by Parliament against a hard deadline".

Britain will begin divorce proceedings from the European Union on March 29, starting the clock on two years of intense political and economic negotiations that will fundamentally change both the nation and its European neighbours.

Labour MP Pat McFadden, a leading supporter of the Open Britain group, said: " As she enters talks with our European partners, it is up to the Prime Minister to deliver the deal that she and her ministers have promised. "Neither side is thinking the other would ever risk a no-deal scenario because of damage to trade, financial stability and geopolitics", he said. Tusk will also summon those 27 leaders for a summit to endorse the final guidelines, probably in early May.

May has rejected that suggestion, saying "now is not the time" for another referendum on Scottish independence.

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But in a stark contrast, Ms Lea railed against Mr Khan and suggested allowing more European Union regulation could harm Britain's post-Brexit economy. "The prime minister has confirmed that she will give a statement to parliament as well".

According to the explainer, the 27 member states will meet by the end of April or early May to agree and adopt guidelines defining the framework for the negotiations.

One of the main possible causes of tension is European Union officials' push to delay talks on a future trade deal until Britain has agreed principles on an exit bill of some €60bn and the rights of European Union migrants. We expect it will be a two-year process and we are confident that is what we will achieve.

The government has previously stated it would trigger Article 50 by the end of the month.

Meanwhile, an European Union spokesperson told reporters in Brussels that they are "ready and waiting" for the letter.

Irish Prime Minister Enda Kenny has warned the talks could turn "vicious" and European Commission President Jean-Claude Juncker has predicted they will be "very, very, very hard".

"If neither an interim or final deal is in place at the end of the two years the Government has allowed then the United Kingdom would crash out of Europe and we would suffer very significant economic detriment".