A legal expert has revealed that Article 50 of the Lisbon Treaty includes the possibility of Britain simply ‘walking away’ from the EU without a solid deal in place, saving around £150 BILLION at the same time.
This figure is made up of the so-called ‘Brexit fees’ of approximately £50 bn and existing funding commitments and EU officials’ pension contributions.
According to the hedge fund manager and lawyer Christopher O’Donnell, the wording of Article 50 clearly states that a nation can simply leave once the two-year period after Article 50 is over, whether or not a withdrawal agreement is in place.
Speaking to The Express, he even added that the EU wouldn’t be allowed to impose any financial penalties if Britain did simply decide to walk away.
The exact wording of Article 50(3) states: ‘The Treaties shall cease to apply to the State in question from the date of entry into force of the withdrawal agreement or, failing that, two years after the notification referred to in paragraph 2, unless the European Council, in agreement with the Member State concerned, unanimously decides to extend this period.’
Therefore, when Nigel Farage has said in the past that ‘no deal’ is better than a ‘bad deal,’ he clearly knew what he was talking about!
To make matters even more interesting, it has already been established in the ‘no deal’ scenario, Britain will be able to trade with the rest of the European Union under World Trade Organisation arrangements.
This means that British businesses will still be able to save a considerable amount of money on trade tariffs, even though in the long run it will still be favourable to agree on a set trade deal.
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