United Kingdom to leave the Single Market

United Kingdom to leave the Single Market

Author: Gabriela Dimitrova/Monday, January 23, 2017/Categories: Article

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On the 17th of January, UK Prime Minister Theresa May presented her 12-point Brexit plan. The plan aims at achieving the right deal abroad while building a stronger economy and a fairer society in the United Kingdom. Some of the key points include Free Trade Agreement with the European Union, as well as new trade agreements with other countries.

 

The Prime Minister, Theresa May assured that the final deal which will be agreed between the UK and the EU will be put to vote in both Houses of Parliament before coming into force.

 

In her speech, Theresa May expressed her desire to pursue the best possible comprehensive Free Trade Agreement with the European Union, aiming at the most free possible trade in goods and services between Britain and the EU’s Member States. However, she finally stated that Britain would not remain in the single market. Mrs May explained that “being out of the EU but a member of the Single Market would mean complying with the EU’s rules and regulations that implement the “four freedoms” of goods, capital, services and people, without having a vote on what those rules and regulations are.”

 

Last but not least Theresa May explained that UK is not only interested in trade with the EU, but the country would seek trade deals across the globe. Being a member of the EU’s Customs Union would limit Britain to negotiate its own trade agreements. May will seek an open and tariff-free trade with Europe and cross-border trade, aiming at establishing their own tariffs.

 

Following her speech, the European Council President Donald Tusk stated that May had made a "more realistic announcement" on Brexit and the EU was now ready to start negociations. Glenis Willmott, Labour's leader in the European Parliament, commented that "Theresa May has given up on the single market before negotiations have even begun, whatever the cost - the cost in jobs, the cost in trade, the cost to our economy. MEP Vicky Ford said May's speech offers both the EU and UK an opportunity to move beyond simplistic 'in or out' scenarios on the single market and customs union, and instead focus on finding a new partnership.

 

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