UK’s Plans A Truly Global Britain Via Brexit
The UK prime minister Theresa May has now outlined her a 12-point plan for leaving the European Union (EU), or the Plan for Britain, as she has called it.
In her speech to diplomats at London’s Lancaster House, Theresa May for the first time revealed some key details about her approach to negotiations with the EU over the next two months before she evokes Article 50 meaning the UK will be fully separated by 2019. She also made it clear that the UK will leave the EU regardless of whether Parliament backs the particular Brexit deal the UK strikes with Brussels.
A truly global Britain
Mrs. May stated that her approach to Brexit will create “a truly global Britain”, one that will be “a magnate for international talent” and will become “a stronger, fairer, more outward looking” nation.
In her speech, Mrs. May also confirmed the UK will also leave the single market membership after it leaves the EU. Once free from EU rules and regulations and the laws of the European Court of Justice, The UK will push for a new “comprehensive free trade agreement“, giving it “the greatest possible access” to the single market.
The UK prime minister said she would pursue a “bold and ambitious free trade agreement with the European Union,” as well as striking new deals with countries from outside the EU.
She added that she wanted to “use this moment of change to build a stronger economy and a fairer society by embracing genuine economic and social reform.”
Theresa May has stressed that even though the UK is leaving the EU, she still wants the UK to continue to have a strong, ongoing relationship with the rest of Europe.
The foreign secretary, Boris Johnson said
“We’re not leaving Europe, we’re disentangling ourselves from the treaties of the EU. We can remain powerfully committed to Europe with a new European partnership … whilst also going forward with an identity as Global Britain.”
He went on to say that other countries are “queuing up” to sign trade deals with the UK once it leaves the EU.
“Under EU rules, we are not formally allowed to negotiate these new treaties until we leave. But there is nothing to say that ideas cannot be pencilled in.”
The effects of the UK property market
Whether you agree with the UK withdrawing from the EU or not, Brexit is now happening and there is no doubt that since the initial “out” vote the UK property market has been extremely unsettled and London has seen this more than anywhere else in the UK.
In response to Theresa May’s 12-point plan for leaving the EU, one of the property industry’s serious concerns relates to the existing skills shortage that the UK property sector is experiencing. With the new hard-line stance on immigration, this could cause serious inefficiencies due to a lack of skilled labour. At a time when the UK is in desperate need of more housing, it would be a real problem if the industry lost a vast majority of the individuals capable of building new homes in the UK.
However, the government is clearly hoping that this new Brexit speech will help ease the current uncertainty throughout the UK and renew confidence in the property market and all the other markets in the UK which might have been bracing themselves for more prolonged turbulence.
The future impact of Brexit
It will be very interesting to see how the UK property market is impacted in the short to medium term of the UK’s exit from the EU, especially the London property market. It will also be interesting to see if overseas investors will still see the UK as a safe haven to invest in the future.
After concerns in the currency markets over the last few days, it has been interesting to see the pound recovered slightly against the dollar although time will tell whether this will stick.