Ever since the UK voted to leave the European Union (EU) last summer, there has been something of an air of uncertainty about what it would mean for the country. From the result itself to the back and forth over whether parliament had a right to block plans, it feels like there’s been twist after twist in the ongoing saga.
However, prime minister Theresa May has now sought to clear a few things up early in the new year, and ahead of her plans to trigger Article 50 – the formal process to begin Brexit negotiations – by the end of March, she has now laid out her government’s plans for the severing of ties with the EU.
UK will not remain in the single market post-Brexit
In a speech on January 17th, Ms May’s biggest revelation came when she said that the UK would not remain in the single market post-Brexit. It had long been believed that the country would remain a member to keep trade conditions as they are, but Ms May said this would be impossible and would essentially mean “not leaving the EU at all”.
She did, however, promise that this does not necessarily mean it’s bad news for the nation, as the prime minister pledged to push for the strongest possible trade terms for the UK that she can when negotiations begin.
The good news is that Ms May wants to make sure that the country is not negatively affected by the decision to leave the EU, saying: “We will continue to attract the brightest and the best to work or study in Britain – indeed, openness to international talent must remain one of this country’s most distinctive assets – but that process must be managed properly so that our immigration system serves the national interest.”
Among her other pledges in the speech were tariff free trade, a continuation of the common travel area between the UK and Irish Republic, customs agreements with the EU and new trade deals with states outside the EU, “practical” sharing of intelligence and policing information and controlled immigration rights for EU citizens in the UK and vice versa.
But perhaps the best piece of news came in the promise that the country will not face a sudden shunt in conditions. While “hard Brexit” has been a term that has been commonplace for some time now, Ms May said that all changes that come about will be in the form of a phased move away from the EU, which should help sectors, businesses and individuals adapt easier without any sudden changes forced upon them.
Supreme Court Brexit ruling
On January 24th, the Supreme Court dismissed the government’s appeal about Brexit, which means that Parliament will be required to give its approval before official talks about leaving the EU begin.
This means that the government must comply with the judgement of the court however, it is not expected to have a serious effect on the Prime Minister’s March deadline. Read more here…
What it means for the property market in the future remains to be seen, but the continued demand for rental and purchases over the past year, even when terms of Brexit were less certain than now, suggests that property does have the strength it succeed.