Britain to Lose Access to EU Single Market

Jan 19, 2017, 00:17

"And it would not be the act of a friend".

In an attempt to symbolise the UK's outward-facing aspirations, May spoke before an audience of British civil servants and global diplomats at London's Lancaster House, a Georgian mansion that has hosted worldwide summits.

"Considering how sharp the pound's fall was this Monday it may have a bit of room to recover on Tuesday", said Connor Campbell, an analyst at Spreadex, in a market update. But the currency is still worth roughly 17 per cent less than it was before the referendum.

A majority of Britons voted to leave the 28-member bloc at a historic referendum in June over issues including sovereignty and immigration.

These were the main aims of Brexit, outlined by British PM Theresa May in a long-expected speech on the future of Great Britain and the EU. "After the welcome tone of today's speech, it is not hard Brexit, it's full Brexit".

"If we have no access to the European market, if we are closed off, if Britain were to leave the European Union without an agreement on market access, then we could suffer from economic damage at least in the short-term", he said.

Philip Hammond was quoted on Sunday as saying the country could change its economic model to regain competitiveness if it were to leave the European Union without an agreement on access to the single market. May said she wants the "the greatest possible access to [the single market] through a new, comprehensive, bold and ambitious Free Trade Agreement".

May has promised to trigger Article 50 by the end of March, and said she was confident that final settlements could be negotiated within the two-year timeframe.

In her first significant Brexit speech at Lancaster House on Tuesday, Mrs May spelt out that Britain is not seeking "partial membership of the European Union, associate membership of the European Union, or anything that leaves us half-in, half-out".

In summation, the twelfth negotiation proposal is for a smooth, orderly Brexit.

"Ireland's key priorities remain: economy and trade, common travel area, Northern Ireland (peace process) and the future of Europe".

In her conclusion, May emphasized the need for a strong, unified nation.

"So we will get control of the number of people coming to Britain from the European Union". But that deal necessarily needs to be inferior to membership, ' he said.

European Union leader Donald Tusk tweeted after the speech: "Sad process, surrealistic times but at least more realistic announcement on #Brexit".

Opposition Labour leader Jeremy Corbyn told BBC television that the government's plans seemed like an unwise "recipe for some kind of trade war with Europe".

"I want to be clear: What I am proposing can not mean membership of the single market", May told her audience at Lancaster House in London. "That doesn't really seem to me a very sensible way forward", he said.

Lib Dem leader Tim Farron delivered a damning verdict on May's speech, branding it "a mixture of vague fantasies and toothless threats to our nearest neighbours".

He added: "It should also be remembered that public angst over immigration was one of the core drivers for Brexit and so it is no surprise that Prime Minister May is responding directly to this".

"After all, at the beginning of negotiations, both parties should start from a position of strength and with a degree of bluff, which is exactly what Theresa May did in her speech", Harris added.

Brian Cave from France criticised May for not using the speech to guarantee the rights of European Union citizens living in the United Kingdom which would ensure the status of British citizens living in the EU.

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