British Prime Minister Theresa May yesterday said Britain would leave the EU’s single market in order to restrict immigration in a clean break from the bloc, but lawmakers can vote on the final deal.
“Brexit must mean control of the number of people coming from Europe and that is what we will deliver. What I am proposing cannot mean membership of the single market,” May said during a highly anticipated speech at London’s Lancaster House.
She added that Britain would seek a trade deal giving “the greatest possible access” to the market on its departure.
Photo: Reuters
The prime minister also announced that any divorce deal with the remaining EU members must be approved by votes in both chambers of Britain’s parliament.
Britain has two years to negotiate a break-up deal once May triggers Article 50 of the Lisbon Treaty, officially declaring the nation’s intention to quit, or face leaving with no agreement.
May has promised to trigger Article 50 by the end of March, and said that she believed a final settlement and trade deal could be simultaneously negotiated within the time frame.
Foreign partners doubt such a timetable, with Austrian Foreign Minister Hans Joerg Schelling saying Brexit would take five years.
“It is not clear if it will be possible to negotiate the UK’s exit from the EU and the terms of a future cooperation at the same time,” Schelling said.
Seeking to calm fears of a sudden jolt to the economy on abruptly leaving the EU, May said she would seek a “phased process of implementation.”
Her direction will be cheered by those who want to leave the EU, but cause dismay to those who fear the impact on Britain’s economy.
The British pound has endured a rocky ride since the vote last summer to leave the union.
However, sterling responded strongly to May’s speech, wiping out losses earlier in the week to stand at US$1.2340.
British Chancellor of the Exchequer Philip Hammond on Sunday warned that Britain might undercut the EU economically to remain competitive if it faces EU tariffs.
French Minister for the Economy and Finance Michel Sapin yesterday accused May’s government of making up its negotiating policy on the hoof.
“No one was prepared,” Sapin said. “You can see very well that they are improvising, with flip-flopping between accommodating positions... and harder positions.”
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