The United Kingdom’s Prime Minister, Theresa May, gave a highly anticipated speech on Brexit on Tuesday, January 17th. In it she outlined her vision for Britain’s “hard” exit from the European Union. The main takeaway was “Brexit mean Brexit” and Prime Minister May hammered home her commitment to fully removing the U.K. from the European Union, including the “single market” where all EU member states can trade with each other with fewer economic obstacles.
“I want Britain to be able to negotiate its own trade agreements … But I also want tariff-free trade with Europe and cross-border trade there to be as frictionless as possible,” she said. From the Wall Street Journal:
“At times conciliatory and other times tough, the British leader described an independent U.K. that nonetheless maintains a close and friendly trading relationship with the EU. “We will continue to be reliable partners, willing allies and close friends,” she said.
“What I am proposing cannot mean membership of the single market,” in which goods and services are traded freely, Mrs. May said. “Instead we seek the greatest possible access to it through a new, comprehensive, bold and ambitious free-trade agreement.”
It is unclear what sort of preferential trade access EU leaders and officials would agree to give the U.K. Eager to discourage anti-EU movements across Europe, they have said there is no appetite for giving the U.K. a better deal than existing membership.”
The value of Britain’s Pound Sterling rose against the U.S. Dollar to $1.228 during her speech and investors’ uncertainty was lessened.
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