Britain to leave eu market as may sets hard brexit course

A significant development in the Brexit saga!

Here's a summary of the latest news:

Theresa May sets out a hard Brexit plan

UK Prime Minister Theresa May has announced that Britain will leave the EU's single market and customs union, setting a hard Brexit course. This means that the UK will no longer be part of the EU's economic zone, which allows for the free movement of goods, services, and people.

Key points of the plan:

  1. End of free movement: The UK will no longer allow EU citizens to move to the UK without a visa.
  2. Customs border: The UK will establish a customs border with the EU, which will require new checks and controls on goods.
  3. Single market exit: The UK will leave the EU's single market, which allows for the free movement of goods, services, and people.
  4. Common rulebook: The UK will no longer be bound by EU rules and regulations, including those related to trade, agriculture, and the environment.
  5. New trade agreements: The UK will negotiate new trade agreements with the EU and other countries.

Reaction from EU leaders

EU leaders have expressed disappointment and concern over May's plan, which they see as a hard Brexit that could lead to significant economic disruption. European Commission President Jean-Claude Juncker has warned that the UK's decision could lead to a "hard border" between the UK and Ireland.

Impact on the UK economy

The UK's decision to leave the single market and customs union is expected to have significant economic implications. The UK's economy could face:

  1. Trade barriers: New tariffs and customs checks could increase costs and reduce trade with the EU.
  2. Supply chain disruptions: Companies that rely on just-in-time delivery and global supply chains could face disruptions.
  3. Inflation: Higher costs and reduced trade could lead to higher inflation.
  4. Job losses: Some industries, such as manufacturing and agriculture, could be affected by the loss of access to the EU market.

What's next?

The UK and EU will now begin negotiations on the terms of the UK's withdrawal from the EU, including the transition period and future trade agreements. The UK's decision to leave the single market and customs union sets a hard Brexit course, but the details of the withdrawal agreement and future trade agreements are still to be negotiated.

Stay tuned for further updates on this developing story!