Theresa May

Theresa May: UK to exit single market




Theresa May today confirmed that the UK will exit the single market as part of its Brexit negotiations.

During her speech at Lancaster House in London, the prime minister explained that the government wanted to seek a “new and equal partnership” between a global Britain and the EU.

However, Mrs May’s message strongly conveyed that this meant the UK could not be half in or half out.

“We do not seek to hold on to bits of membership as we leave.”

The prime minister explained that the “great prize” for the UK was to use Brexit to build a global Britain.

“So as a priority, we will pursue a bold and ambitious Free Trade Agreement with the European Union.

“This agreement should allow for the freest possible trade in goods and services between Britain and the EU’s member states. 

“It should give British companies the maximum freedom to trade with and operate within European markets – and let European businesses do the same in Britain.

“But I want to be clear. What I am proposing cannot mean membership of the single market.”

The prime minister stated that membership of the EU meant accepting the “four freedoms” of goods, capital, services and people.

However, she explained that accepting those freedoms as part of being a member of the single market would mean “not leaving the EU at all”.

“And that is why both sides in the referendum campaign made it clear that a vote to leave the EU would be a vote to leave the single market.

“So we do not seek membership of the single market. 

“Instead we seek the greatest possible access to it through a new, comprehensive, bold and ambitious Free Trade Agreement.”

The agreement may take elements of current single market arrangements in certain areas – for example, the export of cars and lorries, or to provide financial services across national borders. 

“…It makes no sense to start again from scratch when Britain and the remaining member states have adhered to the same rules for so many years.

“So an important part of the new strategic partnership we seek with the EU will be the pursuit of the greatest possible access to the single market, on a fully reciprocal basis, through a comprehensive Free Trade Agreement.”

Choosing not to be a member of the single market means that the UK will not be required to contribute to the EU budget, however, the prime minister has said there may be some “specific European programmes” the UK may want to participate in. 

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