Article 50 Of EU Treaty Sets Exit Rules For Britain From Bloc In 2-Yr Timeframe

The European Union now is in shock after the vote of Britain favoring Brexit. Article 50 of the EU treaty sets how to exit the bloc, but little detail is available about it.

The legal framework says it would take a period of two years for the withdrawal of a state, but many believes it will take longer than said. It is also feared bitter relationship can be seen between Britain and EU and also the economy may be disrupted.

British Prime Minister David Cameron said earlier, prior to the voting, the Article 50 of the EU treaty would be triggered, but lately he has announced stepping down and so the task is left to be done by a successor, who may not be chosen until October this year.

Some of the campaigners favoring exit of Britain from EU said a comprehensive new relationship with the union can be negotiated like access for British business to the EU market.

Earlier this year, in February, Cameron made a deal with the EU leaders to curb EU immigration and protect London finance interestes from the euro zone.

Some of the Brexit campaigners also argue to immediately stop funding the EU budget instead of waiting for two years or else curb immigration from the EU states.