British Prime Minister Theresa May on Tuesday outlined in her speech in London the terms on which her country would move away from the 28-nation European Union (EU). All indications had pointed towards a "hard Brexit," with no halfway measures in sight, and that is exactly what she gave.
Also read: UK needs to borrow 122 billion pounds more to ride out Brexit by 2021
Reports had suggested that May's priorities would include leaving the EU's single market and regaining complete control of Britain's borders. The development reinforced fears of a "hard Brexit" among Britain's investors. The idea of being completely cut off from the EU pushed the sterling pound to some of its lowest levels against the US dollar, but as the speech progressed, the Pound recovered well.
May began her speech at 11:50 am GMT, which translated to 5:20 pm IST. Here are the live updates of the all-important speech.
6 pm IST: "No deal for Britain is better than a bad deal for Britain," says Theresa may on talks of a punitive deal for the country, with which the EU could make an example out of the UK for leaving the grouping.
5:55 pm IST: "Crucial and sensitive negotiation," May says of the possible deal, calling for a stop to "opposition for opposition's sake." She says the government will not divulge all details of the negotiations as the deal is thrashed out, because it could be against national interest.
And that, ladies and gentlemen, seems to be the path to the EU being reduced to 27 member nations.
5:50 pm IST: Terrorist threats is leading May to talk of cooperation with the EU. "A partnership for a strong EU and a strong UK," she says.
Following the two-year time Article 50 provides for a Brexit deal, May talks of a phased manner in which the deal will be implemented.
5:47 pm IST: May wants to "remove as many barriers to trade as possible" for the UK. And this is the third time she is talking of "old friends and new allies," with which the UK wants to set up trading ties.
She wants her country to become the "great trading nation" it once was.
5:45 pm IST: The UK will also pursue a free-trade agreement (FTA) with EU after Brexit. So, no "membership" of the single market, but an FTA should do.
Also, this means no big contribution to the EU for its programmes. We see the influence of the Greek bailout behind this.
5:40 pm IST: There is now a call to build a fairer Britain. The immigration system is now being discussed. While May seems all for letting people in, but talks of controlling their numbers as well.
Citizens' and workers' rights are also being discussed, with the government looking to ensure that they are upheld.
5:35 pm IST: May is now talking of securing the union.
5:33 pm IST: European Court of Justice will no more have jurisdiction in the UK.
5:32 pm IST: Here comes the 12-point plan. First, the British will "provide certainty whenever we can." Final Brexit deal will also be put to a vote in the UK Parliament, to both Houses.
5:30 pm IST: Brexit was "no rejection of the values we share," May tells EU. "It was a vote to restore... our Parliamentary democracy," she adds.
The British prime minister is definitely burning no bridges as she says: "We are leaving the EU. We are not leaving Europe."
5:25 pm IST: Theresa May says she and the country wants EU to succeed. And goes about explaining the reasons behind Brexit.
5:23 pm IST: Theresa May details her plan, which includes the correct buzzwords, but little of the 12-point plan so far. She does talk of how the Brexit decision was a step towards a "truly global Britain."
5:22 pm IST: "Secure prosperous and tolerant country," she says she wants the UK to be. "A country that reaches beyond the borders of Europe," she envisions the country to be.
5:20 pm IST: She's at the podium. Theresa May says: "The British people voted for change."
5:15 pm IST: The British prime minister has arrived at the venue. The speech is expected to begin shortly.
5:10 pm IST: "Brexit means Brexit," Theresa May had famously said. Question is, how far will she take it?
5:05 pm IST: The British prime minister has been accused of not having a concrete Brexit plan, but has come back with a strong reply — in what is expected to be a 12-point fleshed-out plan — for her country to move out of the EU.
5 pm IST: Just 15 minutes to go before Theresa May, who herself was against Brexit, speaks on her plans to enact it. Stay with us for the live updates.
4:45 pm IST: Theresa May is expected to announce the triggering of Article 50 — which initiates the process of Brexit — in March. Once that is done, Britain will have two years to pull completely out of the EU. If the timeframe is adhered to, expect complete Brexit by March 2019.
4:30 pm IST: One big aspect of Brexit will be how much tighter Britain will make its borders, and how much more difficult it will be for migrants to enter the country.
4:15 pm IST: An hour to go before British Prime Minister Theresa May outlines her agenda for that much-awaited yet much-dreaded Brexit. Will she spring a surprise, or will she stick to that "hard Brexit" everyone is talking about?
