The European Union has warned that Britain will have less than 18 months to strike a deal to exit the bloc once Brexit negotiations begin, assuming London keeps a promise to formally launch the process of leaving the EU by the end of March.
At a news conference on Tuesday in Brussels, the EU’s chief Brexit negotiator, Michel Barnier, set a target of agreeing a Brexit deal with Britain by October 2018.
Barnier said the two-year deadline for final withdrawal stated in Article 50 of the EU treaty meant there would be less than 18 months for actual negotiations because it will take several months to have a deal ratified by the UK, the other 27 EU states and the EU parliament.
Once article 50 is triggered by an EU member state, there is a two-year time limit to complete negotiations. If negotiations fail to reach agreement, the member state leaves the bloc with nothing.
“Time is short,” he said. “Should the UK notify the European Council by the end of…