The UK Prime Minister’s Brexit plan is to leave the single market and regain control of immigration. In response to these reports, the value of the pound has fallen.
The Brexit plans of Theresa May, the Prime Minister for the United Kingdom, involves a hard exit from the European Union. According to Express, May is to announce on Tuesday, January 17, her plan to pull the UK out of the single market of the EU.
That is how she is going to regain control of immigration, writes Express. Seeing as in not being part of the single market, the free movement of workers would no longer apply to foreign nationals and to British citizens.
Furthermore, May reportedly seeks to leave the customs union as well. This is because she wants to establish free trade agreements with numerous countries some of which include the United States, the European Union, India, and New Zealand.
She revealed last year in October during a Conservative Party conference that the UK was not going to leave the EU simply to give up control of immigration. Neither were they leaving only to be subject to the jurisdiction of the European Court of Justice.
Leaving the customs union, making free trade deals with other countries—this is, for May, the right relationship for a UK that is not a member of the EU anymore. She is scheduled to deliver her Hard Brexit speech this Tuesday and more details on her plan will no doubt be revealed then.
According to analysts, the reports above have caused a negative reaction on the value of the pound. BBC News wrote that it has fallen by approximately 20% against the dollar.
Nigel Farage, the former leader of UKip, also shared that he has yet to be convinced of May’s plans. He said that she will say all the right things when she addresses her speech on Tuesday and that it will sound wonderful and great but, “Why is it taking so long?”
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