Brexit means Brexit
What is the EU single market, will the UK leave it after Brexit and what will Theresa May’s Brexit policy mean for it?
The EU's single market is meant to make trade easy and simple between member states
THERESA May is currently struggling to find a way out of the current Brexit mess with MPs rejecting three times the withdrawal agreement - one option could be to stay in the single market.
The most recent leave date of April 12 is fast approaching and the Prime Minister is running out of options.
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What is the EU single market?
The European Union's single market is a trade agreement between all EU member states which allows free movement of goods, services, capital and people from one EU member country to another.
This is why there is no limit on the number of EU migrants who can come to the UK or the number of Brits who can live in Spain, for example.
The single market also eliminates tariffs or taxes on trade and has loads of rules and regulations on packaging, safety and standards that apply across the area.
It encompasses the EU's 28 member states as well as the exceptions Iceland, Liechtenstein, Norway, and Switzerland.
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Will the UK leave the single market after Brexit?
Despite statements from May in the past this is now not entirely sure as she has, so far, been unable to win a majority in Parliament for the withdrawal agreement.
Some MPs are working to try to build a consensus for a softer form of Brexit which could see Britain remaining in a customs union and even the single market.
However that too has been hit with problems with a vote in the Commons being defeated to keep single market membership.
Eurosceptic Tories though say that if May was to start proposing a softer Brexit then that could destroy the Conservative party which promised in the 2017 general election to leave both the customs union and the single market.
However, even if May was to embrace a soft Brexit this still would have trouble getting through the Commons as many Tory MPs would refuse to back such a move and Labour would have to support it.
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What will happen if Britain leaves the single market?
If Britain leaves the single market, it may not be given the same complete freedom to move money, people and products around the EU.
The European Union will only allow the UK to be part of the European single market if it continues to allow EU nationals the right to live and work in the UK.
After the Prime Minister confirmed the UK would be leaving the lucrative Single Market trading system, the pound slumped to its lowest level since October.
It fell a cent against the dollar after trading opened, and was also trading down against the euro at 1.15.
But Britain has threatened the EU with a mountain of red tape if it refuses to sign a trade deal with the country post-Brexit.
The government said they are planning to bring in new laws to make sure we have our own VAT and customs system in place by March 2019 – in case a deal with the EU is not reached.
Theresa May and Jean-Claude Juncker announce Brexit talks ready for second phase
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