Theresa May wants to have her cake and eat it: Opposition

Opposition Labour party leader Jeremy Corbyn today criticised British Prime Minister Theresa May's speech on Brexit, warning that her approach could turn Britain into "a bargain basement tax haven on the shores of Europe".

Opposition party leader Jeremy Corbyn accused May of "wanting her cake and eat it" by declaring an exit from the single market and also wanting to trade with the single market.

"Mrs May has said she will leave the single market and, at the same time, has said she wants to have access to it. I am not quite sure how that is going to go down in Europe... She seems to be wanting to have her cake and eat it," he said.
 

While he welcomed the speech for its stress on the need for full tariff-free access to the single market, the Labour party leader warned that May's approach could turn Britain into "a bargain basement tax haven on the shores of Europe".

The leader of the pro-Europe Liberal Democrat party, Tim Farron, classified May's stance as a "hard Brexit", which was not what was voted for in the referendum last June when Britain favoured leaving the EU by 51.9 per cent to 48.1 per cent.

"Ripping us out of the single market was not something proposed to the British people. This is a theft of democracy," he said.

Eurosceptic, far-right UK Independence Party (UKIP) leader Paul Nuttall broadly welcomed the speech, saying: "We want this done quickly. We want a clean break with the European Union, a free trade deal, and then we can get on as a free, independent nation."

The City of London Corporation, representing the views of the financial community in the UK, called for May to provide more details on her assurance that the UK would avoid a "cliff-edge" Brexit.

The City of London Corporation said it was important that this phased implementation, which would kick in after the two-year negotiation period triggered by Article 50 of the Lisbon Treaty, must be further laid out.

"The City has been vocal on the need for a transitional arrangement from the time Britain formally leaves the EU and when the new arrangements come into effect. Following today's announcement, this becomes an even greater necessity. We would like to see a transitional agreement announced as soon as possible," said Mark Boleat, City of London Corporation's Policy Chairman, in a statement.

Meanwhile, the Pound Sterling enjoyed one of its best days since the Brexit vote in June 2016, indicating a broadly positive reception of the British PM's speech at Lancaster House in London, addressing officials in charge of Brexit and representatives from around the world.

The speech is likely to be last major statement on Brexit from Downing Street, with May making it clear that she would not be providing "blow by blow" details of her negotiation strategy with the EU.