EU Receives U.K. Letter Officially Kicking Off Brexit Talks

The U.K. government letter formally starting the Brexit process has been received by Donald Tusk, president of the European Council, kicking off two years of negotiations. The letter, which invokes Article 50 of the Lisbon Treaty, formally states the U.K.'s intention to withdraw from the European Union. It was handed over at lunchtime Wednesday in Brussels after being signed by British Prime Minister Theresa May the day before. "After nine months, the U.K. has delivered," Tusk said in a post to Twitter. Speaking to lawmakers in the House of Commons, May said, "This is a historic moment, and there's no turning back." The pound nudged higher to $1.2468 after the letter's delivery, after dropping to $1.2456 late Tuesday. U.K. stocks stayed 0.3% lower for the session, with the FTSE 100 at 7,332.69.