May pledges to take UK out of EU single market in clean Brexit
Theresa May has promised to take Britain out of the EU single market and pledged instead to seek a “bold and ambitious” trade agreement with the bloc.
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In a speech outlining her Brexit objectives, the prime minister said that she wanted “a customs agreement with the EU” while rejecting the common external tariff that prevents Britain from negotiating separate trade deals with third countries.
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The speech — Mrs May’s most detailed statement on Britain’s objectives before formal negotiations begin — mixed firm declarations of intent with a conciliatory tone.
“We are leaving the EU, but we are not leaving Europe,” the prime minister told an audience at London’s Lancaster House. She promised to seek an agreement with the EU that meant “the freest possible trade” while allowing the UK to “control of the number of people who come to Britain from Europe”.
The pound was on track for its best one-day gain against the dollar since 2008, climbing 2.5 per cent to $1.2340. While some of that rise was down to dollar weakness, the increase since the start of the prime minister’s speech amounted to about 1.4 percentage points.
Analysts said the UK currency had been boosted by more clarity on the UK’s position on Brexit, and because weekend reports about the contents of the speech had set a low bar for the market.
“The fact that the pound did not fall again to May’s confirmation that the UK government would not seek to remain in the single market suggests that this news is now mostly in the price,” said Jane Foley, Rabobank FX strategist.
Mrs May later said the UK would be prepared to leave the EU without an exit agreement, saying: “No deal for Britain is better than a bad deal for Britain.” The government could then strike trade deals with other countries and use “competitive tax rates” to boost the economy, she said.
The prime minister confirmed that both houses of parliament would have a vote on the final Brexit deal, expected in early 2019. She did not clarify what would happen if either house were to reject the deal.
Theresa May has promised to take Britain out of the EU single market and pledged instead to seek a “bold and ambitious” trade agreement with the bloc.
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https://www.ft.com/content/a6b9c062-dca8-11e6-86ac-f253db7791c6
In a speech outlining her Brexit objectives, the prime minister said that she wanted “a customs agreement with the EU” while rejecting the common external tariff that prevents Britain from negotiating separate trade deals with third countries.
High quality global journalism requires investment. Please share this article with others using the link below, do not cut & paste the article. See our T&Cs and Copyright Policy for more detail. Email [email protected] to buy additional rights.
https://www.ft.com/content/a6b9c062-dca8-11e6-86ac-f253db7791c6
The speech — Mrs May’s most detailed statement on Britain’s objectives before formal negotiations begin — mixed firm declarations of intent with a conciliatory tone.
“We are leaving the EU, but we are not leaving Europe,” the prime minister told an audience at London’s Lancaster House. She promised to seek an agreement with the EU that meant “the freest possible trade” while allowing the UK to “control of the number of people who come to Britain from Europe”.
The pound was on track for its best one-day gain against the dollar since 2008, climbing 2.5 per cent to $1.2340. While some of that rise was down to dollar weakness, the increase since the start of the prime minister’s speech amounted to about 1.4 percentage points.
Analysts said the UK currency had been boosted by more clarity on the UK’s position on Brexit, and because weekend reports about the contents of the speech had set a low bar for the market.
“The fact that the pound did not fall again to May’s confirmation that the UK government would not seek to remain in the single market suggests that this news is now mostly in the price,” said Jane Foley, Rabobank FX strategist.
Mrs May later said the UK would be prepared to leave the EU without an exit agreement, saying: “No deal for Britain is better than a bad deal for Britain.” The government could then strike trade deals with other countries and use “competitive tax rates” to boost the economy, she said.
The prime minister confirmed that both houses of parliament would have a vote on the final Brexit deal, expected in early 2019. She did not clarify what would happen if either house were to reject the deal.
