London: Prime Minister Theresa May on Tuesday said Britain will leave the EU’s single market in order to restrict immigration in a clean break from the bloc, but lawmakers can vote on the final deal.
“Brexit must mean control of the number of people coming from Europe, and that is what we will deliver. What I am proposing cannot mean membership of the single market,” Ms May said during a highly-anticipated speech at London’s Lancaster House.
She added that Britain would seek a trade deal giving “the greatest possible access” to the market on its departure.
The prime minister also announced that any divorce deal with the remaining EU members must be approved by votes in both chambers of Britain’s parliament.
Britain has two years to negotiate a break-up deal once May triggers Article 50 of the Lisbon Treaty, officially declaring the country’s intention to quit, or face leaving with no agreement.
Ms May has promised to trigger Article 50 by the end of March, and said that she believed a final settlement and trade deal could be simultaneously negotiated within the timeframe.
Seeking to calm fears of a sudden jolt to the economy on abruptly leaving the EU, Ms May said she would seek a “phased process of implementation”.
Her direction will be cheered by those who want to leave the EU, but dismay those who fear the impact on Britain’s economy.
EU countries accounted for 44 percent of Britain’s total exports in goods and services in 2015, with the country recording a £68.6 billion trade deficit with the bloc.
The British currency has endured a rocky ride since the vote last summer to leave the union, but sterling responded strongly to
Ms May’s speech, wiping out losses earlier in the week to stand at $1.2340. Britain’s finance minister Philip Hammond adopted a tough line.
