Britain wants out of the Single Market and Custom's Union

Peter Castro
January 18, 2017

In fact, this gathering will take place in spring next year in the UK.In today's speech, May went further than she has done before in setting out exactly what she meant when she once declared "Brexit means Brexit". The pound dropped to a new three-month low against the greenback overnight, the lowest level since October's so-called flash crash amid concerns about a "hard Brexit" which would see the United Kingdom losing access to any trade and economic benefits with the EU.

Northern Ireland Secretary James Brokenshire said he did not think it was a "binary choice" between trade and migration, but added that the "very stark message" from the European Union referendum was that "free movement as it exists today can not continue in to the future". The likelihood of the latter materializing is unclear at this point.

It's not only politicians pleading with the public to vote Leave or Remain in the European Union referendum on 23 June, lots of celebrities have also been having their say.

Her speech was made in the palatial surroundings of Lancaster House in central London, to an audience of British diplomatic staff. "Not partial membership of the European Union, associate membership of the European Union, or anything that leaves us half-in, half-out".

Dutch Deputy Prime Minister Lodewijk Asscher also raised concern about the UK's taxation issues, threatening to veto any Brexit trade deal unless Britain agrees on "firmly tackling" tax avoidance, fearing a "race to the bottom" on the issue. The pound later rose to above $1.20 in European markets, but the rebound was small.

Ms May is not willing to sacrifice control over immigration for membership of the single market.

Setting out her vision for Britain, May said she wanted her country to emerge "stronger, fairer, more united and more outward-looking than before". "I want us to be a truly global Britain", she said in her speech.

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May said she wants Britain to remain as a "best friend and neighbor" to Europe, but also reach out to the rest of the world as a global trading nation, to countries such as China, Brazil and the Gulf States.

Assuring Brits that she plans to seek "the best deal for Britain", she said she plans pursue a customs agreement with other European countries, possibly with an associate membership of the Customs Union.

Answering a question about whether Britain could become a tax haven, he said it would be forced to "change our economic model" to remain competitive if it is shut out from access to the single market.

May's speech came just after US president-elect Donald Trump praised Britain as "so smart" for exiting the European Union, which he said had become a "vehicle for Germany".

Theresa May confirmed this morning that she would give politicians in the Commons and the Lords a vote on the final Brexit deal - which sent the pound soaring.

On German Chancellor Angela Merkel, he added: "I think she made one very catastrophic mistake and that was taking all of these illegals, you know taking all of the people from wherever they come from".

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