The UK’s Prime Minister, Theresa May, stepped up yesterday to set forth Britain’s position and plans for Brexit.
In summary, May said Britain will:
- Leave the single market in order to control immigration and negotiate global trade deals.
- Seek some form of access to the customs union, possibly for specific sectors.
- Seek to to avoid a “disruptive cliff-edge” so a transitional, phased implementation is likely.
The Houses of Parliament and Lords will vote on the final deal.
May also warned against the EU trying to punish the UK for its exit saying that “No deal is better than a bad deal.”
The Prime Minister confirmed that Britain was prepared to walk away without a deal in place.
Reaction To The Brexit Speech
Whilst there was a range of commentary in reaction to May’s speech, the UK pound reacted strongly.
Jamie McGeever, the Chief Markets Correspondent at Reuters, pointed out the significance of the rise.
Twitter was busy with supporters highlighting the positives of the Prime Minister’s statement with journalist, Piers Morgan particularly effusive.
A little more restrained but still positive was David Allen Green, Financial Times law and policy expert.
It wouldn’t have been a Brexit moment if Nigel Farage wasn’t involved.
The BBC reported on Germany’s reaction to May’s positioning on Brexit.
As expected, not everyone was happy. Chuka Umunna, Labour MP, was clear on where he stood.
People such as Ian Dunt (Editor of Politics.co.uk), Paul Bernal (Law Lecturer), and others were clearly against May’s plan for Brexit.
With such a range of reactions, it does leave us wondering what the future holds and whether May’s approach will work. John Gapper of the Financial Times seems to think so.
We’ll see what happens.
Check the latest British Pound exchange rate now.