The speech by the Britain Prime Minister Theresa May was long awaited. On Tuesday, she gave a speech sharing the outline of the Brexit deal without divulging the details. According to her speech, Britain is geared for a clean break as she expressed her hope that the division and discord come to an end once and for all. The Brexit negotiation is complex and time-consuming. There was no clarification on the plan of the British government and it led to major fall of Sterling. The Prime Minister assured that her job is to get the right deal for the Britain as the country leaves the European Union.
The Brexit deal is difficult to negotiate because Britain was tightly integrated with the European Union adopting many of its laws in the past forty years. The new movement by Britain will greatly influence the political and trade relationships with other neighboring countries. Britain is pinning its hopes on the deal that would help the country to gain control of Brexit while rejecting the supremacy of the European Court of Justice. Theresa May clarified that her proposal would not allow Britain to remain in the single market.
In her speech, the Prime Minister said that she is hoping to wrap up the final deal with the European Union before March 2019. Both the houses of the parliament would be allowed to vote on the deal. However, there is no clarification on what would happen if the deal is rejected by the parliament. In that case, it would result in chaos leading to a cliff edge breakup. This can cause a lot of instability in the economy, which the Prime Minister is hoping to avoid. She also added that she is open for discussions on a partnership with continental Europe without incurring a major cost for the British government.
May clarified that Britain is only interested in equal partnership between the autonomous Britain and EU allies. She stated that she is not interested in any sort of membership with the European Union as a part of the deal. Many people in Scotland, Northern Ireland and Wales have started refighting the referendum and the Prime Minister appealed to them to support the government. The Liberal democrats are understandably bitter about the speech. They commented that May’s proposal to leave the single market will cause damage to the economy of the country.
The speech has however helped the Sterling to recover in the foreign exchange market as its value increased by 1% against the dollar. The supporters of Brexit are happy to know that various other countries in the bloc will suffer more damages if they don’t have access to the financial sector of London. Businesses in Britain are however concerned about the complete rupture. Hard Brexit eventually means that there are very limited options to maintain barrier free trading relationships with countries in the EU. The European nations are not interested in allowing single market access, but their policies may bend in the future according to experts.