British PM Theresa May said she will start the process for Great Britain to be able to exit the European Union on March 2017. Following her speech, the market reacts negatively as pound-sterling drops against U.S. dollar and Euro on Monday.
During the Annual Conservative Party Conference on Sunday, the Prime Minister said that withdrawing from European court of justice and regaining control of British immigration policies would be her priorities for Brexit as reported by The Guardian.
Her decision will oppose her EU counterpart that wish UK to keep allowing freedom of movement to EU citizens in order for UK to keep access to the single market.
"We will decide for ourselves how we control immigration. And we will be free to pass our own laws," she said firmly in her speech. "But we will seek the best deal possible as we negotiate a new agreement with the European Union. I want that deal to reflect the kind of mature, cooperative relationship that close friends and allies enjoy."
Previously, the heads of EU governments held a meeting shortly after the historic June referendum, which won by Leave with 67.2 percent against 32.8 percent who wished to stay in the EU. The meeting between the 27 heads of EU governments gave Britain the condition to accept unlimited freedom of movement for EU citizens to keep access to European single market.
On Monday, market reacts negatively and sterling drops 0.88 percent against Euro to €1.1434 as Wall Street Journal reported. Pound-sterling also falls one percent against the US dollar to $1.284.
British Chancellor of Exchequer Philip Hammond admitted that Brexit negotiations will create a "rollercoaster" ride for Britain's economy as reported by The Daily Telegraph. But he has also prepared a plan to eliminate deficit by 2020.
According to the Article 50 of the European Union Lisbon Treaty, Britain will have a two-year time to finalize the negotiation process to completely free from the EU. The negotiation process will become one of the most complex deals in Europe after the World War Two.
Watch the full speech from Prime Minister May at the Annual Conservative Party Conference from UK longest serving YouTube News channel the On-Demand News below:
