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Welcome to Article 50 day as the UK steps into the unknown

March 29th, 2017

The big day arrives

So we are here and Theresa May will meet her self imposed target of formally invoking the extraction process from the EU before the end of March. The signed letter invoking Article 50 will be delivered to the president of the EU in Brussels in a few hours.

At home Mrs May is said to be planning to call on the nation to unite behind her and the government as it goes about the task of getting the best deal. If that means that she does not wish to face scrutiny or criticism during the process I think that she’ll be disappointed.

The country remains very divided with few of those who voted remain ready to accept that leaving is a good thing and vice versa.

For Mrs May this will be the defining period of her Premiership. Can she achieve an arrangement with the EU that does not undermine the economy and Britain’s key industries while at the same time satisfying the hard BREXIT parts of her party?

A growing worry for her and her team at this stage is the ongoing investigation into Tory GE2015 expenses in 20 or so key marginals – something that she was not responsible for but she is the leader now.

Only yesterday we heard that another police force, the the West Midlands, was submitting its file to the Crown Prosecution Service who will decide whether and who to prosecute.

From a betting perspective those who got the right timing on when article 50 would be invoked should be able to pick up their winnings later today. I had originally bet on this happening after July 1st. However after the first of the court hearings went against the government the price moved sharply and I cashed out at a nice profit which I should be able to pick up later.

No doubt new article 50 markets will be created for punters.

Mike Smithson