Single Market Access Not For Sale

Britain will not be able to buy access to the single market following its exit from the EU, a former top UK official at European Commission warned, casting doubt on mooted government plans for Britain’s future relationship with the bloc.

British Prime Minister Theresa May intends to launch the two-year process of negotiations to leave the EU by the end of March and some members of her government have suggested this could include paying to maintain access to the single market.

But Jonathan Faull, who worked in the Commission for 38 years until retiring in 2016, said paying to access the tariff-free zone was not how the EU worked.

Reuters

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Craig Erlam

Craig Erlam

Senior Currency Analyst at OANDA
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 Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. 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.