Theresa May Brexit speech as it happened: PM warns European values will be crushed into tiny pieces if EU tries to punish Britain

PM outlines a '12-point' strategy

Theresa May: 'I want be clear, what I am proposing cannot mean access to the single market'

Theresa May has delivered her much-anticipated speech on Brexit. Here are the latest updates and reaction:

• PM warns European values will be crushed into tiny pieces
• UK to leave single market, PM announces
• Theresa May confirms Parliament will have final vote on Brexit deal
• But says UK will leave EU regardless of vote
• Pound sterling jumps as May talks of building 'outward looking' Britain
• Theresa May: Britain will not remain full member of EU customs union
• Poll: Most people back either staying in the EU or soft Brexit
• Carney: Bank saved 250,000 jobs by cutting rates after referendum
• Follow the latest updates on the liveblog below

She told those gathered at Lancaster House that she did not want an outcome which left the UK “half-in, half-out” of the European Union. Extracts released by Downing Street in advance of the much-awaited address are likely to fuel speculation that the Prime Minister is ready to take Britain out of the European single market and customs union, though it remained unclear whether she will give a definitive answer on the question.

Downing Street had said Ms May would set out 12 negotiating priorities for the upcoming EU withdrawal talks, driven by the principles of certainty and clarity and the aims to make Britain stronger, fairer and “truly global”.

Ms May said: “I want this United Kingdom to emerge from this period of change stronger, fairer, more united and more outward-looking than ever before.

“I want us to be a secure, prosperous, tolerant country - a magnet for international talent and a home to the pioneers and innovators who will shape the world ahead.

“I want us to be a truly Global Britain - the best friend and neighbour to our European partners, but a country that reaches beyond the borders of Europe too.

“A country that gets out into the world to build relationships with old friends and new allies alike.

“I want Britain to be what we have the potential and ambition to be: a great, global trading nation that is respected around the world and strong, confident and united at home.”

[17 January 2017 10:18 · Kristin Hugo]

From the BBC's Political Editor...

[17 January 2017 10:41 · Kristin Hugo]

[17 January 2017 10:53 · Kristin Hugo]

Commenting on news inflation has reached its highest level since mid-2014 while the pound continued to sink ahead of Theresa May's Brexit speech, Liberal Democrat Shadow Chancellor Susan Kramer said:

"This is a clear sign the government's hard Brexit agenda is beginning to bite, as the falling pound leads to higher prices in the shops.

"Theresa May says she wants a Red, White and Blue Brexit, but there is nothing patriotic about sinking the pound.

"People did not vote to leave the Single Market, increase prices and cause our currency to collapse.

“Liberal Democrats will hold this Conservative Brexit Government to account and fight for Britain’s place in the Single Market."

[17 January 2017 10:57 · Kristin Hugo]

This is from the Press Association: 

The chairman and CEO of Bank of America says major companies like his need clear rules before deciding how much business to maintain in Britain after it quits the European Union.

Brian Moynihan and other top bankers and executives gathered at the World Economic Forum in Davos are eagerly awaiting details about the U.K. exit plans from British Prime Minister Theresa May in a speech Tuesday.

Moynihan, speaking to The Associated Press, said Bank of America is working on "all kinds of scenarios" to possibly shift activities out of London after the so-called Brexit, but insisted "it's still not clear what that would do, or wouldn't do."

He said: "It's still premature to say what anybody's going to do until you have one set of rules. London will be an important part of our company no matter what happens with the British economy."

Noting a mass sense of "dislocation" in the British and U.S. electorate because of fast technological change, he said, "The No. 1 job for the leader of any enterprise, whether civil political or business, is to be responsive to the people they serve."

[17 January 2017 11:11 · Kristin Hugo]

[17 January 2017 11:24 · Kristin Hugo]

John Redwood, a former Conservative minister who campaigned to leave the EU, tells me: "I expect PM to set out bold vision of a democratic self governing UK acting as a world leader and promoting free trade.

"We will not be negotiating over borders and law making. We will be taking back control". 

Another former Tory Cabinet minister, who campaigned for Remain, says the tone of May's speech "is almost as important as the content"

"People & business need reassurances the Government will pursue least damaging exit deal for their finances & not put ideology first" 

[17 January 2017 11:44 · Kristin Hugo]

[17 January 2017 11:48 · Kristin Hugo]

[17 January 2017 11:51 · Kristin Hugo]

Theresa May is now speaking. She says six months ago the British people voted for change. "They voted to leave the European Union and embrace the world"

"It is job of this Government to deliver it."

She says she wants us to be a "magnate for international talent" and a "global Britain". 

[17 January 2017 11:53 · Kristin Hugo]

She says this Government has a plan for Britain. 

"It's why we will put the preservation of precious union at the heart of what we do".

She says the result of the referendum was not a vote to turn inwards towards isolationism. "We have always looked beyond Europe to the world."