12:42 Jul. 25, 2016
EU Commission President Jean-Claude Juncker says London is not ready to face consequences of a "Leave" vote
The European Union wants to start the talks as soon as possible, Juncker confirmed.
Still, Britain would need at least several months to fine-tune its position. There is no deadline for talks start, as only Britain can start the exit procedure.
Juncker reminded that Britain should keep in mind the consequences of Brexit. EU Commission President mentioned that Britain could lose free EU market access if it stopped free movement of workers from Europe.
Also, the City of London would no longer be able to act as a clearing house in euros.
Britain held the referendum on leaving the European Union in June 2016. 52% voted to leave. The withdrawal should be completed in two years after the official notice. Until now, Britain did not give such a notice to the European Union.