Britain's House of Lords has given its final approval for a bill empowering Prime Minister Theresa May to trigger Brexit negotiations. The bill now just needs royal assent from Queen Elizabeth II to become law.
Image: picture-alliance/dpa/M. Kappeler
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UK Parliament clears way for Brexit
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The British government on Monday evening won final approval from parliament to trigger Article 50 of the Lisbon Treaty, which will effectively begin the process of the UK's departure from the EU.
"Parliament has today backed the government in its determination to get on with the job of leaving the EU … We are now on the threshold of the most important negotiation for our country in a generation," said Brexit Minister David Davis following the vote.
"We will trigger Article 50 by the end of this month as planned and deliver an outcome that works in the interests of the whole of the UK," he added.
Earlier Monday, the lower house voted to throw out changes to the so-called "Brexit bill," which the upper house approved without amendments.
The bill is expected to receive royal assent, a formality in which Queen Elizabeth II agrees to make the bill law.
Brexit time
The vote effectively gives Prime Minister Theresa May the power to trigger Article 50, which will begin a long process of negotiations on post-Brexit relations between London and Brussels.
In June, British citizens narrowly voted in favor of the UK leaving the 28-nation bloc. Ahead of the vote, the pro-Brexit movement campaigned on an anti-migrant platform.
May said she will prioritize immigration concerns during the negotiations. However, Brussels has warned that if the UK fails to provide freedom of movement, it will not have access to Europe's single market, and likely the customs union.
Meanwhile, EU officials have claimed that the two-year withdrawal process must be completed before starting negotiations on future relations between the bloc and the UK. Some officials have also called for London to settle its EU membership bills - estimated at 60 billion euros ($63.9 billion) - before exploring post-Brexit relations.
Bye-bye, UK! We're leaving…
British businesses had repeatedly warned about the potential negative economic consequences from Brexit. And following the British vote to leave the EU, some firms are now considering relocating their operations.
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Vodafone
The second-biggest mobile telephone company in the world is considering the possibility of moving its headquarters out of the UK following Brexit. Should Vodafone decide to relocate, Düsseldorf could emerge as a top contender to host the head office. Vodafone already has a presence in the German city, where it employs about 5,000 people. Moreover, Germany is the company's largest market.
Image: Getty Images/AFP/M. Hayhow
Ryanair
Europe's biggest low-cost airline is officially based in Ireland, but a substantial portion of its fleet has so far been stationed in the UK. However, it is all set to change now, with Ryanair announcing that it would no longer station its aircraft there. The carrier also said it would no longer operate flights out of the UK.
Image: picture-alliance/dpa/M. Scholz
Easyjet
Europe's second-largest low-cost airline is based in London. But for how long? "That remains to be seen," said CEO Carolyn McCall during a TV interview this week. Easyjet is one of Europe's most profitable companies.
Image: Getty Images/AFP/F. Guillot
Virgin
Richard Branson is one of UK's most renowned business personalities. With regard to Brexit, he said: "Britain is heading for an economic disaster." His Virgin conglomerate has lost a third of its value since the British EU referendum vote. Brandon has urged the government to call a second EU referendum.
Image: Getty Images/AFP/D. Leal-Olivas
JPMorgan Chase
The biggest US bank employs 16,000 people in London. It is now mulling over plans to relocate a part of its British-based operations out of the UK. CEO Jamie Dimon had said prior to the referendum that between 1,000 and 4,000 jobs could be moved out of the City in the event of a Brexit.
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Visa
The credit card company will probably have little choice but to downsize its activities in the UK, leading to the slashing of hundreds of jobs. According to EU guidelines, the company must maintain a data center in an EU country. And that is likely to mean an end to the company's data center in London.
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Ford
Ford has repeatedly said the UK is a "key market" for the company in Europe. Ford's plant in Dagenham also supplies parts and engines to the firm's production sites in Germany. After the British decision to leave the EU, the company said it would take all necessary measures to remain competitive on the market.
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Jaguar Land Rover
Not all companies are pessimistic, however. "We are British and we stand by the UK," says Adrian Hallmark, strategy chief at Jaguar Land Rover. There have been no changes in our business plans, Hallmark assured, while the UK remains a full member of the EU at least for the next two years.
