British envoy to the EU, Sir Tim Barrow, informed the European Council earlier on Monday of the UK's official decision to invoke the withdrawal mechanism under the Lisbon Treaty.
Q&A: What Comes Next Once Article 50 Is Triggered? If she meets here goal of completing negotiations within the two-year Article 50 period, then it will mean Britain leaves the European Union on March 29 2019.
The European Commission said it stood ready to help launch the negotiations.
However, the negotiating game will now begin, and attention will be paid to whether there is any reaction on foreign exchange markets in particular, with sterling tending to weaken on any indications of a hard Brexit. "On the contrary, the remaining member states will fall in love with each other again and renew their vows with the European Union".More news: Iraqi prime minister jokes with Trump about wiretaps
The move will pave the way for two years of negotiations, with the country expected to be out of the bloc by the end of March 2019.
Britain's Prime Minister Theresa May answers questions after delivering a speech on leaving the European Union at Lancaster House in London, January 17, 2017.
Notification of the historic step will come in the form of a letter from the Prime Minister to Mr Tusk, though Downing Street did not make clear whether this would be a physical letter handed to the European Council president by a United Kingdom representative or might be sent electronically.
It is expected that the 27 other European Union member nations will agree to the start date, with an initial response from them with 48 hours, the BBC reported.More news: Investors Catching Stocks Advanced Micro Devices, Inc. (AMD)
She has been vocal that Britain is heading for a "bad deal" on Brexit and apparently wants out.
Britain believes it can negotiate the exit agreement and a deal on future relations within the two-year negotiating period, although diplomats are sceptical.
She said from the city of Swansea: "I am very clear that I want to ensure we get the best possible deal for the United Kingdom that works for everyone across the UK and all parts of the UK when we enter these negotiations".
By the end of next week, after he has received May's letter, European Council President Donald Tusk should have distributed draft guidelines for the negotiations to the 27 other national governments.More news: HTC unveils its 'unexpected surprise' announcement, shows off Blue Sapphire U Ultra
Brexit minister David Davis has said there would be no sudden drop in numbers, as it would take years to fill low-skilled jobs in hospitality, social care and agriculture now done by immigrants. Brexit secretary David Davis said that there is a Fixed Term Parliament Act, which the prime minister intends to honor.
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