Key points of Florence Brexit speech

• Neither the UK or the EU will be in a position to “smoothly” implement the new arrangements on the formal date of Brexit – March 29 2019 – so a transitional period is required.

• During that period, market access would “continue on current terms” and the framework for the “strictly time-limited period” would be EU rules and regulation.

• EU citizens would continue to be free to live and work in the UK but there will be a registration scheme.

• The implementation period could last for around two years – but some aspects of the new arrangements could be implemented sooner.

• The UK will honour its commitments under the EU budget to 2020, thought to be around £18 billion (20 billion euro).

• Neither an approach based on European Economic Area membership, or a “traditional” free trade deal such as the Ceta agreement with Canada is right for the UK-EU partnership.

• There is “no need to impose tariffs” where none currently exist.

• Regulatory standards will be protected or strengthened as Britons do not want “shoddy goods, shoddy services, a poor environment or exploitative working practices”.

• An “appropriate mechanism” should be found to deal with disputes about the trading arrangements as it would not be appropriate for either the European Court of Justice or UK courts to have jurisdiction over the agreement.

• An agreement on citizens’ rights will be incorporated “fully into UK law” and British courts will be able to take into account European Court of Justice rulings to help ensure “consistent interpretation”.