Theresa May Says UK To Leave EU Single Market

Update:
Britain will leave the EU’s single market when it exits the European Union, Prime Minister Theresa May said on Tuesday, putting an end to speculation that London might try to seek a “soft Brexit”. In her long-awaited speech in which she sought to define the country’s future as a global player that aims to trade freely far beyond Europe, May said the final exit deal would be put to parliament for a vote, a statement which sent cable soaring on hopes Brexit may be unwound.
Sterling, which has traded at the lowest levels against the U. S. dollar for more than three decades, rose during May’s speech hitting a day high, and jumping the most since 2008. Her announcement that she will put the final Brexit deal to a vote in both houses of parliament comes ahead of a court decision on whether she has the power to start the process of withdrawing without parliamentary approval.
May said she would seek an equal partnership with the EU but that she would not adopt models already used by other countries that have free trade agreements with the bloc.
Her statement that Britain would leave the single market was by far the clearest indication she has ever given of her plans for the future, after months of criticism that she was not being sufficiently transparent.

This post was published at Zero Hedge on Jan 17, 2017.