Pound Slides After Theresa May’s Speech Leaks: UK PM Lays Out "Clean EU Break" In 12-Point Plan
By Tyler Durden
While hardly coming as much of a a surprise following the weekend’s news that Theresa May would call for a “clean and hard Brexit”, confirmation received moments ago from both the Telegraph, FT and Bloomberg that on Tuesday May will indeed declare that Britain is making a “clean break” from the EU and will not seek a deal that leaves the country “half in and half out”, has send the sterling lower by some 25 pips, because even though the news is not incremental, as Bloomberg notes quoting a trader, “Algos Trade Off Keyword Flagged in Speech.”
According to The Telegraph, which has likely seen an advance copy of her speech tomorrow, the UK Prime Minister will set out a 12-point plan for Brexit as she vows that the UK will not have “partial” membership of the EU “that leaves us half-in, half-out”. Mrs May will make her most significant speech since becoming Prime Minister in July last year and confirm that Britain will leave the single market and customs union after Brexit.
Some more details of her upcoming speech, courtesy of the Telegraph:
- In remarks that will delight Conservative Eurosceptics, May will pledge that Britain outside the European Union will be a “great, global trading nation” that is “respected around the world and strong, confident and united at home”.
- The Prime Minister will make regaining control of Britain’s borders one of the central themes of her Brexit strategy and will also make clear that the rights of UK expats will be protected.
- She will make clear for the first time that Britain will not seek a watered down version of Brexit, something that Remain campaigners are still pushing for.
- The Prime Minister will say that Britain is quitting the single market and although she will be less explicit on the issue of the customs union, her remarks will make clear that after Brexit the UK will no longer be a member.
- She will say that the Government has “12 objectives that amount to one big goal: a new, positive and constructive partnership between Britain and the European Union”.
The 12 objectives are understood to include gaining control of Britain’s borders, taking the UK out of the jurisdiction of the European courts, preserving the Union, maintaining workers’ rights and signing major free trade deals.
“And as we negotiate that partnership, we will be driven by some simple principles: we will provide as much certainty and clarity as we can at every stage,” Mrs May will add. “And we will take this opportunity to make Britain stronger, to make Britain fairer, and to build a more Global Britain too.”
Her remarks will be seen as a direct rebuke to European leaders who have repeatedly claimed that Britain will have to compromise on freedom of movement if it wants membership of the single market or customs union. “We seek a new and equal partnership – between an independent, self-governing, Global Britain and our friends and allies in the EU,” the Prime Minister will say in …read more
Source: Pound Slides After Theresa May’s Speech Leaks: UK PM Lays Out "Clean EU Break" In 12-Point Plan
