Theresa May Brexit speech: Prime Minister admits UK will have less access to EU, but demands trade deal on banking - as it happened
Follow all the latest updates as Prime Minister prepares for major speech
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Your support makes all the difference.Theresa May has outlined her vision for the future UK-EU relationship, as she warned the bloc that refusing to include financial services in a trade deal after Brexit would “hurt” its own economies.
In a major speech at Mansion House in London, she said a deal with Brussels should be the first free trade agreement to cover broadcasting and financial services.
The Prime Minister also said Philip Hammond, the Chancellor, will set out his plans for financial services next week, but said “we are not looking for passporting”.
In an attempt to address the contentious issue of the border between Northern Ireland and the Republic, Ms May said it is the responsibility of the UK Government and the European Commission to find a solution.
She also sought to highlight “tensions” in the EU’s position as she set out “five tests” for the UK’s future relationship with the bloc after withdrawal.
As it happened...
Theresa May says many countries with trade deals with the EU have some degree of access to the EU single market and it is not "cherry-picking" for the UK to seek the same.
"If this is cherry-picking then so is every negotiation."
The Prime Minister says regulatory standards on goods will remain "substantially similar" after Brexit and announces the UK will seek to remain an associated member of a number of EU agencies, such as the European Medicines Agency and the European Aviation Safety Industry.
The speech has moved very quickly from some rather vague phrases to some very specific aims about how the transport of goods will work, including the suggestion of a "trusted trader scheme". She insists once again, though, that a customs union is not the answer because it will stop the UK making trade deals with other countries.
What remains completely unclear is how many of these aims or proposals the EU will be willing to accept. Past evidence suggests it may not be many.
Just to give you an example of the level of detail now, the Prime Minister is currently discussing how broadcasting regulations will change after Brexit. She says the UK produces 30 per cent of the channels aired in EU countries and proposes some kind of mutually-recognised licensing regime to help resolve regulatory issues after Brexit.
May announces the UK is not looking for passporting rights on financial services - something she says is intrinsic to the EU single market.
These rights allow UK companies to operate in EU countries without needing new licenses. The PM says another solution is necessary.
She accepts that leaving the single market will have consequences but says she will not allow the City of London to lose out.
Failure to include financial services in a trade deal would hurt the EU too, she adds.
Ms May is concluding with a upbeat passage about the future of Britain outside the EU.
"This is an optimistic and confident future that can unite us all."
"I have no doubt that whatever agreement we reach with the EU, our future is bright."
The PM says the approach she has outlined would meet her her five Brexit tests.
To the EU, she adds: "We are all still European and will stay linked by the many ties and values we have in common."
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