Theresa May Brexit speech 2 March 2018

  • Vote was not for a distant relationship
  • We must take into account the views of everyone
  • Made clear concerns about first EU draft
  • Both UK and EU agree, transition period must be limited

So far it’s waffle.

Here we go, talking about economics/trades.

  • Existing models with EU would not work after Brexit
  • We do not want hard border in Ireland
  • If EU wants a hard border that’s up to them
  • It would be unacceptable to break up UK’s common market with a customs border with Ireland
  • We need to strike a new balance in new economic relationship with EU
  • ECJ will continue to affect UK
  • Where appropriate, UK law will look at ECJ judgements
  • In future, EU law will not apply in UK
  • ECJ jurisdiction will cease in the U
  • UK may adhere to EU state aid and competition rules
  • We want freedom to to negotiate trade deals around he world

Still nothing juicy.

  • Canada styled deal would not give EU breadth or depth of market access it desires

That’s a potential negative as she’s taking that option off the table. It’s negative until she puts up another solution.

  • If Brexit talks are cherry picking, so is every trade deal

So, basically, she wants a custom trade deal. let’s see if we get details.

  • Trade in goods at borders should be as frictionless as possible
  • Regulations should remain substantially similar in future
  • UK law needs not to be the same as EU law to achieve same regulatory outcomes
  • Many current laws are based on current international standards
  • Associate membership could allow UK firms to resolve challenges through UK courts, not necessarily ECJ

Long and short, there are already means to work inline with EU that don’t need to go through the ECJ

  • One solution is a customs partnership with EU that applies the same tariffs as EU
  • Would also leave UK to set own tariffs
  • 2nd option is highly streamlined customs arrangement
  • Would allow simple movement of goods

May’s putting forward some positive ideas but they are just ideas, and she’s not saying “this is our new position” It’s what she wants not what she’s going to demand. The EU could brush this off with one stroke.

  • Some services are intrinsically linked to single market and should not have barriers where not necessary
  • UK does not want to discriminate against EU companies setting up in UK (clever comment, puts pressure on the EU)

She’s wrapping up now.

Ryan Littlestone

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