The United Kingdom is about to begin negotiations to leave the European Union nearly seven months after voting to exit the bloc in a dramatic referendum. No country has ever voted to quit the EU, so many investors are still unsure how the divorce proceeding will go.
British Prime Minister and hard Brexiter Theresa May tried to clear up the confusion over the weekend by giving the clearest signal yet that her country will make a decisive break with the Single Market.
In a television interview on November 8, the Prime Minister said she intends to regain full control of immigration while agreeing to “a really good, ambitious trade deal” with Brussels.
May also warned that a so-called “soft Brexit” was not in the cards, as London is not prepared to “keep bits of membership” of the EU after leaving.
“People voted to leave the EU but also voted for change,” she said, as quoted by UK Daily Express newspaper. “This year is the year we start to make that happen.”
May intends to trigger Article 50 of the Lisbon Treaty, the formal mechanism for exiting the bloc, by the end of March, but a recent High Court ruling complicated those plans. The judgment said the British government must first obtain parliamentary approval before beginning the formal Brexit process. May has appealed the decision, which is now in the hands of the Supreme Court. Lawmakers are expected to deliver their ruling later this month.
As the Sunday interview clearly showed, May was not compromising on her plan for a hard Brexit, setting up for a possible clash with the Supreme Court.
“We are coming out. We are not going to be a member of the EU any longer. The question is – what is the right relationship …