Pound Slides After Theresa May’s Full Speech Leaks, Laying Out Her 12-Point Plan

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.”
May’s office has said she will announce 12 key objectives for the negotiations, which will include gaining full control over immigration, restoring power over lawmaking to the U. K. Parliament and ending the jurisdiction of the European Court of Justice over British laws, preserving the Union, maintaining workers’ rights and signing major free trade deals.
According to The Telegraph, which has 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:

This post was published at Zero Hedge on Jan 16, 2017.