On February 1, the House of Commons voted on the European Union (Notification of Withdrawal) Bill (Bill), which, when passed, will allow the Prime Minister to notify the European Council of the United Kingdom’s intention to withdraw from the European Union. Further information on the Bill can be found in the Corporate & Financial Weekly Digest edition of January 27, 2017.
After two days of debate, a majority of parliament members voted 498 to 114 for the Bill to progress from its second reading to the committee stage, when the House of Commons will propose amendments, debate and make decisions on the Bill’s contents. The House of Lords also must examine and vote on the Bill.
On February 2, the government issued its official policy document (White Paper) on its plan for the United Kingdom’s exit from the European Union. The White Paper contains further details on the 12 principles set out in the Prime Minister’s speech on the exit plan (see the Corporate & Financial Weekly Digest edition of January 20, 2017 for more information).