Theresa May want to reanimate the UK’s economy and Brexit is seen as a “once in a lifetime opportunity” to accomplish it. The formal process will start on Wednesday, after invoking Article 50.
Conservative Party wants to cut down the radical course of UK in the Brexit process. This idea is supported by the former Conservative leader Iain Duncan Smith.
He said: “Let us leave and then the Conservative Party at the next election needs to say ‘we can reduce the cost on business and on individuals by reducing regulations which will improve our competitiveness, our productivity and therefore ultimately our economy’.”
For having a better idea of what does it mean to invoke Article 50, here are some headlines:
•Article 50 of the Treaty of Lisbon gives any EU member the right to quit unilaterally, and outlines the procedure for doing so
•There was no way to legally leave the EU before the Treaty was signed in 2007
•It gives the leaving country two years to negotiate an exit deal
•Once set in motion, it cannot be stopped except by unanimous consent of all member states
•Any deal must be approved by a “qualified majority” of EU member states and can be vetoed by the European Parliament
“The House of Commons has voted overwhelmingly for us to get on with it. And the overwhelming majority of people – however they voted – want us to get on with it too.” – said Theresa May in January.
Having this “opportunity” to bring UK closer to their economic bloom many were very vocal in this matter, supporting the process of Brexit.
Lord Lawson said the Thatcher government’s wide-ranging programme of deregulation in the 1980s “transformed the performance of the British economy”, adding: “Once out of the EU we have the opportunity to do this on an even larger scale with the massive corpus of EU regulation. We must lose no time in seizing that opportunity.”
Stephen Booth, director of policy
and research at Open Europe, said: “EU regulation places a significant cost on the UK economy and there is scope for savings, so we would call on parties to commit to repealing unnecessary red tape. Brexit offers an opportunity to tailor rules to the specific nature of the UK economy, rather than the one-size-fits-all approach characterised by EU regulation.”
Lord Tebbit, a former member of the Thatcher Cabinet, said: “I am all for taking advantage of the opportunity Brexit gives us to do a substantial job of deregulation.”
Adam Marshall, director general of the British Chambers of Commerce, said: “Business communities across the UK always like to see the back of red tape. But they want any change to be considered carefully.”
David Davis, the Exiting the European Union secretary, said that UK could leave EU without paying the £52billon bill.
“We will, of course, meet our international obligations. But we expect also our rights to be respected too.”
“So I don’t think we’re going to be seeing that sort of money change hands.
“We will meet our international obligations, whatever that turns out to be. But that is nothing like [what] we are talking about here.”