UK: At last we have a Brexit plan (of sorts) - SocGen

According to Brian Hilliard, Research Analyst at Societe Generale, the UK Prime Minister’s speech yesterday laid out her objectives for the Brexit process.

Key Quotes

“Whilst light on detail, as was right, it did at least provide the skeleton of a coherent plan. Mrs May fully understands that the immigration controls that she is certain to impose are equally certain to lead to the UK losing full access to the Single Market.”

“But what does that mean? Her aim is to retain some modified form of customs union and some kind of trade access will, of course, ultimately be agreed upon.”

“The government expects to continue to make “appropriate contributions” to the EU Budget but not the “huge sums” currently paid each year.”

“She would like a transitional deal but seems to imply that the details of the final destination will be agreed “before the 2-year Article 50 process has concluded”.”

“Parliament will have a vote on the terms of that deal so presumably that vote will also take place within that 2-year period.”

“She does not rule out the possibility of exit with no deal in which case the UK “would have the freedom to set the competitive tax rates and embrace the policies that would attract the world’s best companies and biggest investors to Britain.”