May warns of dissatisfaction over Brexit as she outlines initial EU trade plan

THERESA May has warned that ‘no-one will get everything they want’ out of Brexit.

She maintained that the UK would leave the single market, customs union and the jurisdiction of the European Court of Justice.

However, she revealed details about the ideal trading relationship she would like to facilitate with the EU.

May revealed that London-based banks will lose the right to passport across the EU but that a new system will be brought in to allow ‘the same regulatory outcomes over time’.

She hopes to be granted associate membership of EU medicines, chemical and aviation agencies and is willing to accept their rules and make ‘appropriate’ financial contributions.

Furthermore, she stated that she would like to obtain continued participation in EU science, education and cultural programmes.

Lastly, May vowed to keep UK regulatory standards ‘as high as the EU’s’ to ensure further trade can be as smooth as possible.

While UK law may not be ‘identical’ to EU law ‘it should achieve the same outcomes’, she said.

May also said that any future deal with the EU hinges on ‘five tests’.

She revealed these would be: delivering an enduring solution, protecting security and prosperity, leaving Britain as an open, outward-looking, tolerant, European democracy and strengthening the union of the UK.

Following May’s speech, the leader of the Opposition Jeremy Corbyn, criticised May for alleged inaction over Brexit.

“After 20 wasted months, Theresa May has once again failed to bring real clarity to the negotiations – and worryingly, she admitted that her approach will reduce our access to European markets,” he said.

“She read out a long list of problems but failed to provide solutions, particularly on the urgent question of preventing a hard border in Northern Ireland.”

The United Kingdom is set to leave the EU on March 29 2019.