Updated Oct. 2, 2016 10:57 a.m. ET
The UK’s Prime Minister, Theresa May, said that she will begin the process of Britain’s exit from the European Union next March. Britain has been a part of the EU trade bloc for 43 years. They now will have the power to implement their own immigration laws. This exiting process is under Article 50 and once it is invoked, the UK has two years to negotiate its new relationship with the EU. With elections coming up in France and Germany, this is likely to be a complicated process. Mrs. May will begin by laying out the details for repealing the 1972 European Communities Act, which will make them a sovereign state free from EU law. There is still concern from politicians and businesses alike that Mrs. May does not have a plan for extrication. She was only in office for 2 months when the vote to exit the EU occurred. The European Commission will not engage in informal talks regarding Britain’s exit until Article 50 has been invoked. But, Mrs. May wants to be clear on the exit strategy and negotiations before invoking article 50 due to the 2 year deadline. If she proposes defense, security and trade relationships that are unacceptable to the EU, she will have little time to propose alternatives. This article applies to Global Marketing in the sense that when doing business in foreign countries, the political environment must be fully vetted and precautions must be put into place to hedge against political instability. This is an example that even developed nations can be subject to political instability.