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WHAT WERE THE KEY POINTS OF MAY'S MANSION HOUSE SPEECH

Theresa May set out her vision for the future of the UK-EU relationship last week. She said:

  • There are five tests for the success of the deal - implementing the referendum, creating an enduring deal, protecting security, a deal that is consistent with the kind of country Britain wants to be and strengthening the United Kingdom
  • The UK-EU free trade agreement should be biggest and most ambitious ever struck 
  • May said the deal should be the first one ever to cover services, the lynchpin of the British economy
  • But she accepted publicly that the City of London would not get 'passporting rights' that allow financial services companies to trade directly in Europe 
  • But the deal will also require cherry picking, in defiance of the EU's refusal to consider it. May said every trade deal amounts to cherry picking
  • The PM said 'life is going to be different' after Brexit and there were 'hard choices' on both sides - and neither the UK or EU will get everything they want
  • Trade across the Irish border should be a 'frictionless as possible' to avoid a hard border 
  • A border down the Irish Sea would be just as bad as a hard border on the island of Ireland 
  • Britain will not slash and burn regulations and hopes for 'mutual recognition' in many areas 
  • The UK is prepared to pay for access to and follow the rules of European agencies covering medicine, chemicals and flights  
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