One pound coins spilling out of clip purse with Union Jack design
© Getty Images
Prime Minister Theresa May has confirmed the UK will leave the EU single market during the Brexit process in a major speech on Tuesday.

Other priorities include removing Britain from the jurisdiction of EU courts and imposing controls on immigration.

Single Market

May said that the UK would definitely be leaving the single market, telling the audience: "This agreement should allow for the freest possible trade in goods and services between Britain and the EU's member states.

"It should give British companies the maximum freedom to trade with and operate within European markets, and let European businesses do the same in Britain.

She said, citing the need for clarity, that her plans "cannot mean membership of the single market."


Final say

May pledged to ensure the final say on any deal would belong to the House of Lord's Peer's and The House of Common's MPs.

"When it comes to Parliament, there is one ... way in which I would like to provide certainty. I can confirm today that the government will put the final deal that is agreed between the UK and the EU to a vote in both Houses of Parliament before it comes into force," she said.

Customs union

The Prime Minister insisted she had no "preconceived position" on membership of the customs union which rules on trade but that she does "want us to have a customs agreement with the EU, whether that means we must reach a completely new customs agreement, become an associate member of the customs union in some way or remain a signatory to some elements of it."

Cash

The UK gives £9 billion per year to the union. Some commentators suggest the contribution could be a strong card for Britain, as the EU would lament losing the money.

While Davis appears keen to continue payments of some kind after Brexit, Foreign Secretary Boris Johnson is opposed.

The Divorce

Transition came up in the speech. May expressed her wish to adopt a transitional arrangement which would avoid an abrupt exit.

The Cabinet does not oppose transition arrangements, but there is disagreement on its extent and speed.

Immigration

May insisted that EU citizens would still be welcome but that Brexit means UK "control of the number of people who come to Britain from Europe..."

She also said she wished to "guarantee the rights of EU citizens who are already living in Britain and the rights of the British nationals in other member states as early as we can."

EU law

May is determined to disentangle the UK from the European Courts of Justice (ECJ). However, a post-Brexit trade settlement would require an agreed forum for legal arbitration.

It is suggested that even if this forum is not the ECJ, it will function like the ECJ. That said, May pledged the UK will withdraw entirely from the ECJ. Her Cabinet is thought to support full withdrawal.

Sterling soared on Tuesday following UK Prime Minister Theresa May's promise the Brexit deal will be put to a parliamentary vote. She confirmed the UK would leave the EU but pledged a flexible transitional deal.

The pound was up around one percent against the US dollar when May started her speech. It surged 2.37 percent to $1.2332 at 1:52pm GMT.

This marked is the biggest one-day gain for the British currency against the greenback in nine years. Sterling was up 0.7 percent against the euro at €1.1445.