UK May Only Have 18 Months To Conclude Brexit Deal, EU Warns

(CNN) — The European Union's chief Brexit negotiator Michel Barnier has warned Britain it may only have 18 months to strike an exit deal from the bloc.

Speaking in Brussels, Barnier said the process would need to be completed by October 2018 to allow for ratification by the 27 remaining member states within the two-year timescale prescribed by EU rules.

"Should the UK notify the council by the end of March 2017, as Prime Minister Theresa May said she would, it is safe to say negotiations could start a few weeks later and an article 50 agreement be reached by October 2018," said Barnier.

He warned the time available to conclude a deal would be short. "All in all there will be less than 18 months to negotiate."

Barnier stressed that the EU was prepared for the task ahead: "We are ready. Keep calm and negotiate," referencing the British wartime mantra of "keep calm and carry on."

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