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UK will not trigger Article 50 before the end of the year

UK to hold off on triggering Article 50

United Kingdom Prime Minister Theresa May said Britain will not trigger Article 50 before the end of the year.

The Treaty of Lisbon forms a constitutional basis for European Union member states, which signed it in 2007. A small section of the treaty is called Article 50, which details what happens when a member leaves the group. It has never been invoked before, but Britain may be the first to do so.

Prime Minister May said that while Britain remains in the EU, it will continue to focus on security and furthering a single market.

May also noted that while the U.K. is exiting the EU, it is not "withdrawing from the world."

The prime minister said that there needs to be a different Brexit model and that the solution must address British voters' freedom of movement concerns.

CNBC's Celena Chong and Reuters contributed to this report.