How Britain’s end in European Union begins

There has been a mantra of Three Rs from EU leaders speaking Friday: Regret — at losing nearly a fifth of the EU economy and more of its military and global clout; Respect — for the will of the British people; and Resolve — to keep the rest of the Union together.

The vague Article 50

This 261-word section of the Lisbon Treaty has the following key phrases:

■ A State which decides to withdraw shall notify the European Council of its intention ... The Union shall negotiate and conclude an agreement with that State, setting out the arrangements for its withdrawal, taking account its future relationship with the Union.

■ It shall be concluded ... by the Council, acting by a qualified majority.

■ The Treaties shall cease to apply to the State in question from the date of entry into force of the withdrawal agreement or, failing that, two years after the notification.

A big hole in EU

The Union needs quickly to fill a 7-billioneuro hole in its 145-billion-euro annual budget, which is currently fixed out to 2020, as it loses Britain’s contributions while saving on what Britons receive from EU accounts. The EU will also want to clarify as quickly as possible the status of firms and individuals currently using their EU rights to trade, work and live on either side of a new UK-EU frontier. EU leaders may push for a quick show of unity in the face of eurosceptics inspired by the result in Britain.

So what changes?

In principle, nothing changes immediately. Britons remain EU citizens and business continues as before. In practice, many believe trade, investment and political decisions will quickly anticipate British departure from the bloc. The EU could also face a Britain breaking apart if europhile Scots make another push for independence and seek to join the EU on their own. REUTERS