Brexit: Watch the moment Theresa May announced the UK will leave the EU single market

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Andrew Feinberg

White House Correspondent

Theresa May has announced that as part of Britain exiting the European Union, the country will no longer retain its membership of the single market.

Speaking at Lancaster House during a much-anticipated speech, the Prime Minister laid our her 12 objectives for negotiating Britain's exit from the EU.

Mrs May said that a 'bold and ambitious' Free Trade Agreement would be pursued, in which the UK would not have to accept the free movement of people as part of its deal.

"But I want to be clear." the Prime Minister said. "What I am proposing cannot mean membership of the Single Market."

"European leaders have said many times that membership means accepting the “four freedoms” of goods, capital, services and people. And being out of the EU but a member of the Single Market would mean complying with the EU's rules and regulations that implement those freedoms, without having a vote on what those rules and regulations are. It would mean accepting a role for the European Court of Justice that would see it still having direct legal authority in our country."