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Britain Could Remain In The European Union For At Least 3 More Years

Britain Could Remain In The European Union For At Least 3 More Years - iShares MSCI United Kingdom Index Fund ETF ETF:EWU, Guggenheim CurrencyShares British Pound Sterling Trust ETF ETF:FXB

The people of the United Kingdom voted in late June that their country is best served outside of the sphere of influence of the European Union.

The vote, dubbed "Brexit" was certainly controversial and heavily debated by both sides. Nevertheless, the "leave" campaign emerged victorious, and new Prime Minister Theresa May reaffirmed her commitment to fulfill the results of the democratic process.

However, U.K.-based publication Times reported that the process of leaving the European Union could take three years, if not longer.

The first step toward officially leaving the European Union involves enacting Article 50 of the European Union charter. The publication noted that May was expected to enact article 50 in January of next year, but may now delay the process because the country's international trade departments aren't ready.

Government ministers in charge of overseeing the trade talks were forced to create new departments from scratch. The Times quoted an insider who said that the process is "chaotic" and people "don't even know the right questions to ask when they finally begin bargaining with Europe."

Finally, the Times stated that the government could be forced to wait until next September after French and German elections are held.

"You can't negotiate when you don't know who you're negotiating with," a source told the Times.

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