May faces facts
BREXIT: EU WELCOMED ‘CLARITY’ ON BRITAIN’S POSITION
UK will leave single market and customs union in March 2019.
London
British Prime Minister Theresa May called yesterday for a wide-ranging free trade deal with the European Union (EU) after Brexit, but admitted it was time to face the “hard facts” about the economic consequences of leaving the bloc.
In a detailed speech just weeks before starting negotiations on the future partnership with Brussels, May confirmed Britain would leave the EU’s single market and customs union after Brexit in March 2019.
In its place she called for the “broadest and deepest possible agreement, covering more sectors and cooperating more fully than any free trade agreement anywhere in the world today”.
But she acknowledged for the first time that Britain may suffer new trade barriers by severing its formal ties, a move driven by a desire to end mass migration and throw off EU rules.
“I want to be straight with people because we all need to face up to some hard facts... our access to each other’s markets will be different,” she said.
The EU’s chief negotiator Michel Barnier welcomed the “clarity” on Britain’s position, as well as “a recognition of tradeoffs”. He said her proposals would inform the bloc’s guidelines, which are expected to be drawn up next week before being approved by EU leaders at a summit in three week’s time.
In a speech in London, May suggested the new trade deal would include “binding commitments” to agree some regulations such as on state aid and competition.
She repeated that she wanted to end the jurisdiction of the European Court of Justice, insisting there must be an independent arbiter of the agreement.
EU leaders have been sharply critical of the prime minister’s optimistic view of what she could achieve, but had been pressing for details as the start of formal negotiations comes closer.
Talks on the terms of the withdrawal and a transition period are already under way and Britain hopes a trade deal can be agreed by the end of the year. –