Businesses will welcome the additional clarity about the Government’s negotiation priorities, said EY reacting to prime minister Theresa May’s Brexit speech.
Mats Persson, head of international trade, commented: "As expected, Theresa May announced that Britain will leave both the single market and the EU’s external trade tariff.
“Three elements of the speech stand out: first, hints that the UK is willing to walk away from the negotiations in the absence of a satisfactory deal. Secondly, the clear preference for a interim arrangements, which will be welcomed by the business community. Finally, the ambition to achieve a bespoke arrangement on customs to limit disruption to trade.
“On the other hand, despite some market excitement, the commitment to have a vote in Parliament on the final Brexit deal was expected and will likely have limited impact in practice.
“The next big thing to watch is how the EU-UK negotiations are structured and sequenced, where Britain is likely to continue to insist that the divorce settlement and the new Free Trade Agreement are negotiated in parallel.”
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