British Prime Minister Theresa May will seek for a 'hard Brexit' in her speech on Tuesday, one which does not leave Britain "half in, half out" of the European Union, her office said. May, in Tuesday's speech, will chart out her 12 priorities for the upcoming divorce talks with the EU.
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Reports state that May's priorities include leaving the EU's lucrative single market and regaining complete control of Britain's borders. The news has reinforced fears of 'hard Brexit' among investors in the country. The prospects of a complete cut-off from the EU has pushed the sterling pound to some of its lowest levels against the US dollar.
May has faced harsh criticisms from lawmakers, investors and businessmen in the United Kingdom for not revealing much about her plans of Britain's future relationship with the EU. The formal Brexit talks are scheduled to commence by the end of March. However, she is set to give a speech on Tuesday and set to divulge more details on her future Brexit plans. The speech will be addressed to UK's own Brexit negotiating team and foreign diplomats, according to Reuters reports.
May's office has released advance extracts of her speech where she will "seek a new and equal partnership, between an independent, self-governing, global Britain and our friends and allies in the EU."
"Not partial membership of the European Union, associate membership of the European Union, or anything that leaves us half-in, half-out. We do not seek to adopt a model already enjoyed by other countries. We do not seek to hold on to bits of membership as we leave," her speech extract states.
The released extracts, however, have not set out details about the future trading relationship she desires with the EU or what exactly her 12 priorities would be. According to media reports, the priorities would include proposal of removing Britain from the jurisdiction of the European Court of Justice.
Sterling took a sharp plunge on Monday ahead of May's speech on the prospects of a hard Brexit and a clean break from EU economic bloc and its single market. EU's economic bloc accounts for nearly half of UK's imports and exports.
