Will May Be Pressured Into Softer Brexit?

Some of Theresa May’s most senior ministers are working to moderate her plans for a hard Brexit, even suggesting the U.K. could remain in Europe’s single market and customs union, as the prime minister fights to stay in power.

After her election gamble backfired, May is now so weak and reliant on the support of political rivals inside and outside her Conservative Party that she’ll be unable to force through her vision of a clean break with the European Union, according to three senior government officials.

In a sign that a fresh clash over Europe is looming among the Tories, Brexit Secretary David Davis said it’s “pretty plain” the government wants to control the U.K.’s borders and laws, which means leaving the single market and customs union while trying to negotiate a new trade deal. “We spent ten months devising that strategy,” he told ITV.

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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.