Theresa May Florence speech live updates: PM pleas to stay in the Single Market for two years after Brexit

What will be in Theresa May's big Brexit speech?

Theresa May has proposed remaining in the single market for a transition period of around two years after Brexit.

In a landmark Brexit speech in Florence, the Prime Minister said existing market arrangements should continue to apply during a two-year implementation period after Britain leaves the bloc in March 2019.

She indicated freedom of movement would also continue during the transition but workers coming into the UK would go through a "registration system".

Ms May said: "Clearly people, businesses and public services should only have to plan for one set of changes in the relationship between the UK and the EU.

"So during the implementation period access to one another’s markets should continue on current terms and Britain also should continue to take part in existing security measures. And I know businesses, in particular, would welcome the certainty this would provide.

"The framework for this strictly time-limited period, which can be agreed under Article 50, would be the existing structure of EU rules and regulations."

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Key Points

• PM's plea to stay in the Single Market for two years after leaving
• Sterling falls as traders give verdict on May's speech
• Read the Prime Minister's speech in full

[22 September 2017 14:38 · Andrew Griffin]

While May talks this European fluff – which, to be honest, is mostly the same as before – here's some notes on the audience via The Independent's Jon Stone. It's about half press, half everyone else – that everyone else includes Italian officials, as well as British ones, and a decent showing from the Cabinet. In all there's about 150 people, he said.

[22 September 2017 14:39 · Andrew Griffin]

The negotiations have been "tough", the prime minister admits. But because of David Davis and Michel Barnier, we've "made progress", Ms May says. That includes work on Northern Ireland, for instance.

[22 September 2017 14:41 · Andrew Griffin]

All of her bragging about progress is in direct contradiction with statements from Mr Barnier, who has said precisely that they haven't made very much progress.

[22 September 2017 14:41 · Andrew Griffin]

Of course life will change, says Ms May. But we want to stay "hand-in-hand" with the European Union.

[22 September 2017 14:43 · Andrew Griffin]

Once again, Ms May stresses and confirms that we are leaving the European Union, and that means leaving its single market. We can't stay in because of the four freedoms, she says. "So our task is to find a new framework that allows for economic partnership but holds those rights and obligations in a new balance."

We start "from an unprecedented position", she says, because we already comply with European regulations and the laws are part of our law. So the question is what changes.

This part is new, because it's a commitment that the deal with the EU will be written into UK law.

[22 September 2017 14:46 · Andrew Griffin]

Choosing between the two possible options that currently exist – being like Canada and being like Norway – is "stark and unimaginative". Which is fine, but those options were laid out by the EU's chief negotiator Michel Barnier – that, too, is fine, but so far the speech has disagreed a lot with Mr Barnier, and not actually said so...

[22 September 2017 14:49 · Andrew Griffin]

We'll need to find a new way of resolving any disputes between the EU and the UK, Theresa May says.

[22 September 2017 14:49 · Andrew Griffin]

And now we move from our economic future to our security future. We need to make sure that although we're leaving the EU, we need to keep the same quality of co-operation. That's not just vital because our people share the same threats, but also "because we share a deep historic belief in our shared values".

[22 September 2017 14:51 · Andrew Griffin]

And she's making a new proposal: that the EU and UK will sign a new security treaty, which will decide how they work together. That will be far more comprehensive than any other partnership the EU has with another country, she says.

[22 September 2017 14:56 · Andrew Griffin]

She seems to be rounding up now: going back over the economic part, the security part, and what she's got to say about security. But she's not actually said very much... (Jon Stone reckons, however, that she might be waiting for a Steve Jobs style 'one more thing'.)