British Prime Minister Theresa May said the UK will make a clean break from the European Union. It will leave its single market of some 500 million people.
Ms. May said on 17
th Jan 2017 said that Britain must regain control of its laws and borders.
She called on the bloc to negotiate a free-trade agreement that will benefit both sides.
UK will seek the greatest possible access to it through a new, comprehensive, bold and ambitious Free Trade Agreement.
Ms. May also announced Britain’s Parliament will be able to vote on the final divorce deal reached between the U.K. and European Union.
She did not address what would happen should there be a vote against the agreement.
The British pound rallied as Ms. May focused on keeping Britain open to global trade.
Ms. May rejected both the “hard Brexit” label and “soft Brexit” but wants a new relationship in the interests of both Britain and the EU.
Britain is quitting the EU’s single market in goods and services in order to gain control over immigration.
Losing single-market access alarms many in Britain’s huge financial services sector.
Ms. May said she would invoke Article 50 of the EU’s key treat by March 31. This will formally begin a two-year process of negotiating Britain’s departure.
