Brexit Delays to Result in Growing Uncertainty

Brexit might lead to increasing instability, European Parliament President Martin Schultz said Friday.

LONDON (Sputnik) — Foot-dragging in the process of the UK withdrawal from the European Union might lead to increasing instability, European Parliament President Martin Schultz said Friday.

"We accept that time is needed, but we should not lose too much time to avoid increasing uncertainty in the markets and for citizens about their future is not healthy," Schultz told ITV News after his meeting with UK Prime Minister Theresa May.

May has repeatedly insisted the United Kingdom needed some extra time to get prepared for Brexit, because Britain wants to get the best from the deal.

The European Parliament’s president expressed hope that "next week after Conservative party congress we will hear more" about the UK’s leaving the bloc.

Earlier on Friday, UK’s Foreign Secretary Boris Johnson said that the process of leaving the European Union for the United Kingdom would begin after invoking Article 50 of the EU Lisbon Treaty at the beginning of 2017, adding that it could be completed in less than two years.

Article 50 states that any country that wishes to leave the European Union must inform the European Council that it is leaving and will have a period of two years to negotiate the terms of its withdrawal.

On June 23, the United Kingdom held a referendum in which 51.9 percent of voters, or 17.4 million people, opted for the country to leave the European Union.