Having been extensively leaked overnight so as to prevent "market surprises", Theresa May has just begun her speech calling for a "clean Brexit" from the EU. Watch it live below.
The prime minister said that Britain would seek “a new and equal partnership” with the other 27 countries in the EU — not “anything that leaves us half-in, half-out”. As she started speaking, Philip Hammond, the chancellor, appeared to confirm that Britain would leave the single market.
“We can’t be members of the Single Market because of the red lines around the four freedoms [of people, goods, services and capital] that other EU members have set,” he told the House of Commons. "They have to recognise our red lines, we have to recognise theirs, and then we have to find a pragmatic solution that works for all sides.”
The pound jumped higher after Mrs May started her speech, accelerating after early gains. Sterling was as much as 1.9 per cent higher at $1.2278 before easing to trade 1.6 per cent stronger at $1.2250.
In the most important part of the speech, May confirmed that both houses of parliament would have a vote on the final Brexit deal – expected in early 2019. It was not clear what would happen if either house were to reject the deal.
May also said that British voters had chosen Brexit “with their eyes open”, reiterating her stance that the result of June’s referendum is irreversible. “It was the moment we chose to build a truly global Britain,” she told an audience including ambassadors, high commissioners and her own Brexit negotiating team at London’s Lancaster House.
The UK Supreme Court is expected to rule this month on whether the Article 50 process needs the prior approval of parliament and of devolved administrations. May has said that the March deadline will not be postponed, whatever the court’s ruling. Taking Britain out of the single market contrasts with the Conservatives’ 2015 election manifesto, in which the party pledged, “We say: yes to the Single Market”.
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Here are the key statements from Marketnews:
- MAY: WE WILL NOT SEEK PARTIAL OR ASSOCIATE MEMBERSHIP OF EU
- MAY: WHAT I PROPOSE MEANS CANNOT BE MEMBER OF SINGLE MARKET
- MAY: UK LEAVING EU, I WILL SEEK BEST DEAL FOR UK
- MAY: GOVERNMENT WILL PUT THE FINAL BREXIT DEAL TO A VOTE IN BOTH HOUSES OF PARLIAMENT
- MAY: DO NOT SEEK TO ADOPT MODEL ALREADY USED BY OTHER COUNTRIES
- MAY: WILL REMAIN WILLING PARTNERS, ALLIES TRADING PARTNERS
- MAY: DECISION TO LEAVE EU WAS NOT AN ATTEMPT TO HARM EU OR ITS MEMBER STATES
- MAY: VOTE NO LEAVE NO REJECTION OF SHARED VALUES
- MAY: OVERWHELMINGLY IN UK INTEREST THAT EU SUCCEEDS
- MAY: JUNE 23 A MOMENT WE CHOSE TO BUILD 'TRULY GLOBAL BRITAIN'
- MAY: EUROPEANS WILL STILL BE WELCOME IN BRITAIN AND HOPE BRITONS WILL BE WELCOME IN EU NATIONS
- MAY: PRESERVATION OF UK UNION AT HEART OF PLANS
- MAY: WILL REGAIN CONTRAOL OF IMMIGRANTS FROM EU
- MAY: UK MUST REMAIN OPEN TO INT'L TALENT, MUST BE MANAGED
- MAY: NO NEW BARRIERS TO TRADE IN UK MUST APPEAR AFTER BREXIT
- MAY: WE AIM FROM GREATEST POSSIBLE FTA WITH EU
- MAY: WE WANT TO GUARANTEE RIGHTS OF EX-PAT UK, EU CITIZENS
- MAY: WANT CUSTOMS AGREEMENT WITH EU, CANNOT BE CUNION MEMBER
- MAY: ANNUAL VAST CONTRIBUTIONS TO EU WILL END
- MAY: NO SINGLE MKT MEMBERSHIP MEANS NO LARGE PAYMENTS TO EU
- MAY: WILL NOT SEEK MSHIP OF SINGLE MARKET, BUT GREATEST ACCESS
- MAY: WILL CONTINUE TO COOPERATE WITH EU ON CRIME, TERRORISM
- MAY: `CLIFF-EDGE' AFTER BREXIT IN NO ONE'S INTEREST
And in an unexpected twist, May also said that she will put the final Brexit deal to a vote in both houses of parliament:
- MAY: WILL PUT THE FINAL BREXIT DEAL TO A VOTE IN BOTH HOUSES OF PARLIAMENT
Cable is soaring on the news, as suddenly there is a possibiliy Brexit may not happen at all.