The British Sterling has risen over 2 percent against the U.S dollar on Tuesday following a speech from British MP Theresa May about Britain leaving the EU following their June referendum Brexit vote.
May confirmed that Britain will leave the single market and said that Britain would prefer leaving the EU with no trade deal than accept a bad one.
May warned the EU to not push for a punitive deal with the UK during future negotiations with Brussels and said in March she will trigger the 2 year negotiation process for Britain’s withdrawal from the EU.
However, Britain’s parliament will vote on any final Brexit deal between the EU and the UK. That news helped the Sterling to rally on Tuesday.
Controlling immigration and Britain’s open borders that come from EU membership has proven to be challenging for British citizens that voted to regain control of Britain’s borders with the Brexit vote.
May spoke about the need to control immigration and Britain’s borders for a “fairer Britain.”
While emphasizing the need to attract the brightest and best to work or study in Britain and showing openness to international talent, May addressed the need to get control of the number of people coming to Britain from the EU.
“In the last decade or so we have seen record levels of net migration in Britain. And that sheer volume has put pressure on public services like schools, stretched our infrastructure especially housing, and put a downward pressure on wages for working class people” May said.
May said the message from the British public as a result of their June Brexit referendum vote is clear and having control over Britain’s borders is a priority.
“Britain is an open and tolerant country. We will always want immigration, especially high skilled immigration. We will always want immigration from Europe, and we will always welcome individual migrants as friends. But the message from the public before and during the referendum campaign is clear: Brexit must mean control of the number of people who come to Britain from Europe. And that is what we will deliver” May said.
May explained that she doesn’t want the EU to unravel after Britain leaves the EU and it is in Britain’s national interest for the EU to succeed.
“But let me be clear: I do not want that to happen. It would not be in the best interests of Britain. It remains overwhelmingly and compellingly in Britain’s national interest that the EU should succeed. And that is why I hope in the months and years ahead we will all reflect on the lessons of Britain’s decision to leave” May said.