The two-year clock is ticking on the UK's departure from the European Union, under terms that are as yet completely unknown. Uncertain timing and conditions for the UK's exit from the EU are likely to disrupt flight schedules, air traffic and jet fuel demand. In her Mar. 29 letter triggering Article 50, UK Prime Minister Theresa May said the UK "does not seek membership of the single market," but called for a new "bold and ambitious Free Trade Agreement" made possible by the fact the UK has regulatory frameworks and standards that exactly match the EU's. The letter made special mention of financial services and network industries - but not aviation. British firms are scrambling to adapt to new realities of business outside of the EU. Insurance giant Lloyd's of London swiftly announced Mar. 30 that it would open a Brussels office by early 2019 to ensure its global business could carry on "without interruption" after Brexit while bank JP Morgan is considering moving some workers to Dublin. In her six-page letter to European Council President Donald Tusk, May set out her desire to negotiate the UK's future "special partnership" with the EU, taking in economic and security cooperation, alongside the terms of the UK's departure.
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