On Tuesday 17th January 2017 Prime Minister Theresa May delivered a speech in which she set out the Government’s 12 objectives for the upcoming exit negotiations with the European Union. She was unequivocally clear that Britain outside the European Union (EU) will continue to be global in its actions and its outlook.
The Prime Minister was clear about what the Government is planning for the UK’s post-Brexit relationship with the EU: we will no longer be a full member of the single market, we will free ourselves from the restrictive elements of the customs union, the European Court of Justice will no longer have supremacy over UK law and vast financial contributions to Brussels will end.
Mrs May was also clear that the Government will seek a completely new relationship between an independent sovereign nation of the UK and our friends and allies in the EU, rather than simply settling for a “half in, half out” settlement. We will leave the EU. Full membership of the single market is not, as the Prime Minister argued, compatible with genuinely leaving the EU, as full members have to accept both ‘freedom of movement’ and large scale payments to the EU budget. The point that we would have to leave the single market if we voted to leave the EU was made by both sides during the EU referendum.
The Prime Minister also argued in favour of some form of a transitional trading relationship with the EU which will gradually become the final relationship between the two sides. This will help businesses in the UK adapt over time, rather than forcing businesses to make wholesale changes at once. What is off the table, however, is an agreement on a transitional deal without an agreement on the final deal, as this would prolong uncertainty. Whatever is arranged, as a true symbol of Parliament once again being sovereign over UK law, Parliament will have a vote on the final negotiated deal between the UK and the EU.
Overall, without jeopardising our ability to be flexible and keeping options open for the upcoming negotiations, the Prime Minister has clearly set out the Government’s intentions about what the UK’s relationship with the EU will be like post-Brexit. As a direct result of the speech, the Pound rose in value, which demonstrates business leaders’ approval for our intentions. I believe this vision is the best for post-Brexit Britain, as it will deliver a clean break from the EU which the public voted for, whilst ensuring that Britain gets the best deal possible.