Theresa May rejects United Kingdom financial services demands on Brexit

05 March, 2018, 01:05 | Author: Edward Snyder
  • PA Wire  PA Images

She said Friday that it's inevitable because the leaving the bloc's single market and customs union.

In an interview broadcast on Sunday morning, the prime minister also rebuffed the suggestion that the foreign secretary had raised the spectre of a hard border between Northern Ireland and the Republic in an internal government report.

The legislation - created to transpose European Union law into British law so the same rules apply on the day of Brexit as the day before - will see European Union responsibilities in devolved areas initially transferred to Westminster.

"But the question is 'who decides?' and at the moment the UK Government's proposition is that even in areas of devolved competence - agriculture, the environment, fishing, justice - they should be able to impose frameworks on Scotland and Wales, and our position is that where there are devolved areas it should only be by the consent of the Scottish and Welsh parliaments, so I hope we can reach agreement".

In her Friday speech, May conceded that the United Kingdom won't get everything it wants in the negotiations with the EU but she maintained her aim to reach an unprecedented trade deal that her Cabinet has rallied behind even though European officials think it's unrealistic.

But senior Tory Sarah Wollaston, one of the MPs who has signed Ms Soubry's amendment, said the rebels would now give the Prime Minister "breathing space" to try to negotiate her own customs plan.

May's speech, entitled "Our Future Partnership", was an attempt to settle doubts over how Britain sees its future outside the European Union and its economic architecture and to try to ease frustrations in Brussels over what they say is a lack of detail.

But she also warned Brussels that shutting financial services out of a deal - as the EU's negotiator has threatened - would backfire by harming the Continent as well.

But her vision was little changed from an earlier proposal for Britain to be able to diverge from some of the EU's rules and regulations while sticking to others which benefit Britain, a plan the bloc has described as "pure illusion".

She then corrected herself: "To avoid a hard border..."

Britain's Prime Minister Theresa May delivers a speech about her vision for Brexit, at Mansion House in London, Britain, March 2, 2018.

"The EU must now consider whether they want to put rigid doctrine ahead of the mutual interests of their people and those of the UK", David Jones, a Conservative lawmaker and former junior Brexit minister, told Reuters.

She called for a third party court to be set up that would resolve trade disputes, instead.

In it, she rejected as "unacceptable" proposals from Brussels to keep customs union arrangements in Northern Ireland.

British Prime Minister Theresa May gave a speech on what her government is looking for, to which some responded that what how she will achieve those goals is still anything but clear.

In comments recorded on Friday after her major speech on Brexit at Mansion House, the prime minister admitted that the system that allows banks regulated in Britain to "passport" into other European Union countries was off the table.

She dismissed the commission's insistence that it would not allow "cherry-picking" of rights and obligations, insisting that this was a part of any trade negotiation.


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