May Pledges Vote on Brexit Taking U.K. Out Of EU’s Single Market

Prime Minister Theresa May pledged to pull Britain out of the European Union’s single market while seeking a new arrangement on the customs union, saying the U.K. parliament will get a vote on the final Brexit deal.

Giving her most explicit outline yet of her vision of Britain post-Brexit and how she wants to get there, May said that she was confident a deal can be reached with the EU that avoids disruption to business. With the trigger to quit the bloc due to be invoked by the end of March, May called for a “phased approach” to implementing the new rules that will seek “a smooth and orderly Brexit.”

The pound climbed against the dollar and was set for its biggest advance since the global crisis as May laid out her plans in a speech to diplomats in London that was broadcast live in European countries including Germany.

“I can confirm today that the government will put the final deal that’s agreed between the U.K. and the EU to a vote in both Houses of Parliament before it comes into force,” she said on Tuesday.

German Foreign Minister Frank-Walter Steinmeier commended May for providing “a bit more clarity” about her government’s plans and for seeking strong ties with the EU.

“But our stance remains that the negotiations will only begin when Britain has officially announced its wish to leave” the EU, he said in statement.

May dodged a question on what would happen if the U.K. parliament rejects the deal that she manages to reach with her EU counterparts, saying only that she expects lawmakers to back it.

“The British parliament voted overwhelmingly for this to be a choice of the British people, the British parliament recently voted overwhelmingly effectively for the government to get on with it,” May said. “I’m sure the British parliament will want to deliver on the views of the British people and respect the democratic decision that was taken.”

Bloomberg

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Dean Popplewell

Dean Popplewell

Vice-President of Market Analysis at MarketPulse
Dean Popplewell has nearly two decades of experience trading currencies and fixed income instruments. He has a deep understanding of market fundamentals and the impact of global events on capital markets. He is respected among professional traders for his skilled analysis and career history as global head of trading for firms such as Scotia Capital and BMO Nesbitt Burns. Since joining OANDA in 2006, Dean has played an instrumental role in driving awareness of the forex market as an emerging asset class for retail investors, as well as providing expert counsel to a number of internal teams on how to best serve clients and industry stakeholders.
Dean Popplewell