U.K. and European negotiators are holding their second round of talks Monday on how the country will leave the Union.
The talks are taking place just a few days after the EU pressured the U.K. to outline its positions, particularly in key areas such as money owed to the EU and the Irish border.
CNBC takes a look at where this historical negotiation stands as investors, political analysts and the general public try to keep a track of what's going on.
This is perhaps the biggest achievement as the second round begins. The EU has always argued that the U.K. has to pay for previous financial commitments before it departs from the bloc, but the numbers floating around have raised controversy in London. The U.K.'s Foreign Secretary Boris Johnson said last week that the EU could go whistle if it thought that the U.K. would pay a large sum.
But on Thursday, the government said in a written statement to parliament: "the U.K. has obligations to the EU … that will survive the U.K.'s withdrawal and these need to be resolved." The EU has recently asked London to be clear on the financial settlement issue as without an agreement on the bill, the talks on a potential future trade deal cannot advance.
"The sooner we receive clarification on the British positions on the topics, that we haven't heard from them on, the better," Michel Barnier, the EU's chief negotiator, said on Wednesday, warning that there's a clock ticking.
That clock will tick until March 29 of 2019 but negotiations will have to be concluded way before then to ensure that all legislative steps can take place.
The U.K. government has laid out its plans the European Atomic Energy Community (Euratom) and the role of the European Court of Justice (ECJ). Basically, the U.K wants to stop being a member of the Euratom, despite warnings by radiologists that the supply of radioactive isotopes used in health treatments could be compromised as a result. Instead, it wants to reach an agreement with Euratom members.
As Prime Minster Theresa May has stated several times, the U.K. doesn't want the European Court of Justice ruling on U.K. cases on the day Britain leaves the EU.
At the same time, the government said, European bodies based in the U.K., such as the European Medicines Agency can remain for a transitional period after 2019 with the same privileges and immunities.
The U.K. government has published a draft bill that will end 40-years of European Union ties – the so-called Repeal Bill. It's basically about transposing EU law into U.K. statutory books.
The document will only be debated in parliament after the summer but it's certain to raise political controversy within the U.K. The Labour party wants the EU's laws on fundamental rights to be kept in British law, something that Theresa May opposes. Also, Scotland and Wales have described the bill as a "naked power grab" by Westminster.
In the meantime, companies are trying to overcome the ongoing uncertainty regarding their future rights to operate within European borders.
Apart from the announcement from banks and other financial firms of their plans to relocate, the British airline easyJet has announced it is setting up easyJet Europe in Vienna. As result, its European flights are guaranteed independently of how negotiations end on flying rules.