'Hard facts' for both sides in Brexit talks - Theresa May

Theresa May has warned that "no-one will get everything they want" out of Brexit negotiations but she is confident a deal can be done.

Setting out UK hopes for a future EU economic partnership, Mrs May warned both sides had to accept "hard facts".

Single market access would be "less than it is now" and the UK would have to pay into some EU agencies.

But she would not threaten to walk out of talks and in a message to the EU said: "Let's get on with it."

The UK is due to leave the EU on 29 March 2019 but it wants a transition period lasting around two years after to smooth the way for business.

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UK's transition offer to EU nationals
Mrs May said she was confident remaining differences over a draft EU legal agreement could be resolved, allowing trade talks to get under way.

She said life would be different for the UK outside the EU's single market: "In certain ways, our access to each other's markets will be less than it is now."

The UK could not expect to "enjoy all the benefits without all of the obligations" of membership.

Another "hard fact" would be that the UK would still continue to be affected by EU law and some decisions of the European Court of Justice - such as the ECJ rules on whether EU agreements are legal - but she stressed that the "jurisdiction of the European Court of Justice in the UK must end".

The UK may choose to remain "in step" with EU regulations in areas like state aid and competition, in order to get "good access" to markets, she said.

The hard fact for the EU was that the UK would want its own bespoke trade deal, not an "off-the-shelf model".

BBC political correspondent Alex Forsyth said "the real test will be whether this speech was enough to convince critics that Mrs May's ambition for Brexit is credible and achievable without alienating her own MPs".

Key trade proposals
The speech contained a lot of detail on the kind of trading relationship Mrs May wants with the EU after Brexit.

Banks located in the City of London will lose the right to trade across EU without country-by-country approval, so-called passporting. A new system will be brought in to allow "the same regulatory outcomes over time"
Associate membership of EU medicines, chemical and aviation agencies, accepting their rules and making "appropriate" financial contributions
Parliament would reserve the right to pass its own regulations in these areas but in the knowledge it could threaten co-operation with those bodies
Continued participation in EU science, education and cultural programmes, close relationship with Euratom
UK to explore continued participation in EU's internal energy market while protecting single energy market on the island of Ireland
Independent arbitration mechanism for trade disputes to replace role currently played the European Court of Justice
Fairer deal for UK fishermen based on reciprocal access to waters and shared stocks management
Mutual recognition of broadcasting rules to allow UK channels to continue to be seen in Europe
Ensure continuity of rail, maritime and aviation services and of hauliers' access to European markets
Keeping UK regulatory standards "as high as the EU's" to ensure smooth trade and while UK law may not be "identical" to EU law "it should achieve the same outcomes"
Labour reaction

source:www.bbc.cm