Prime Minister Theresa May’s speech on her government’s plans for Britain’s exit from the EU:
1. She said that Britain would leave the single market and with it gain more control over its borders and its laws, some of which are currently under the oversight of the European Courts of Justice.
2. The U.K. would seek to negotiate a deal that would give it as much access to the single market without being a part of it.
3. It would seek a modified customs union membership to be able to negotiate its own trade treaties with non-EU countries, and build what the Prime Minister called a “truly global Britain”.
4. She spoke of wanting to strike a trade deal with the EU but hinted that if it did not get a good deal the U.K. had the rest of the world to trade with, and the option to offer tax incentives to attract “the best companies and the biggest investors”.
Possible implications of Brexit
1. The EU, which according to recent data accounts for approximately half the U.K.’s imports and exports, is likely to be overwhelmingly important to it after the exit.
2. Trade deals with non-EU countries such as India are likely to involve greater movement of people across borders and this is bound to raise difficult immigration issues again.
3. The Scottish Parliament has now reiterated its resolve to discuss Scotland’s continuation in the single market, and a second referendum for Scottish independence is now more likely.
About United Kingdom
United Kingdom consists of England, Scotland, Wales and Northern Ireland. Popularly UK is called as Britain. Though, Great Britain is an island consisting territory of England, Scotland and Wales.
Recently, there was a referendum in UK for separation of Scotland. However, the referendum was defeated. After this referendum, there was another referendum on exit of UK from EU. This referendum was passed. However, the people from Scotland oppose exit of UK from EU.