EU Tells UK Single Market Access Requires Full Free Movement

European Union leaders met for the first time without Britain on Wednesday less than a week after it voted to leave, delivering a tough message that London can access the bloc’s lucrative single market only if it agrees to allow free movement for EU workers.

Last week’s shock referendum vote to leave the EU has caused global financial market turmoil, sent the pound sterling tumbling and wiped billions off the value of British shares. Britain’s giant financial services sector, roughly 8 percent of economy, relies crucially on access to the EU market.

Prime Minister David Cameron, who campaigned to stay in the EU and lost, has announced his resignation and left it up to his successor to negotiate the terms of Britain’s exit.

Reuters

Craig Erlam
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the BBC and The Telegraph, and he also appears regularly as a guest commentator on Bloomberg TV, CNBC, FOX Business and BNN. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.