Theresa May Brexit speech: Prime Minister admits UK will have less access to EU, but demands trade deal on banking - as it happened
Follow all the latest updates as Prime Minister prepares for major speech
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Your support makes all the difference.Theresa May has outlined her vision for the future UK-EU relationship, as she warned the bloc that refusing to include financial services in a trade deal after Brexit would “hurt” its own economies.
In a major speech at Mansion House in London, she said a deal with Brussels should be the first free trade agreement to cover broadcasting and financial services.
The Prime Minister also said Philip Hammond, the Chancellor, will set out his plans for financial services next week, but said “we are not looking for passporting”.
In an attempt to address the contentious issue of the border between Northern Ireland and the Republic, Ms May said it is the responsibility of the UK Government and the European Commission to find a solution.
She also sought to highlight “tensions” in the EU’s position as she set out “five tests” for the UK’s future relationship with the bloc after withdrawal.
As it happened...
The Prime Minister is late in giving her speech. 20 months late, according to Lord Adonis and the pro-EU Open Britain group. Currently five minutes late, according to the clock...
The wording behind Theresa May famously fell off during her conference speech last year. Downing Street appears to have taken steps to avoid a repeat.
Theresa May starts by quoting from the speech she gave upon entering Downing Street for the first time as Prime Minister.
She tells the public she is motivated "not by the interests of the privileged few but by yours", adding: "When we take the big calls we think not of the powerful but of you."
This is what guides her in negotiations with the EU, she says.
The Prime Minister lays out the five tests she says a Brexit deal must pass:
1. It must respect the referendum result
2. It must pass the test of time
3. It must protect protect jobs and security
4. It must result in a Britain that is "modern, open, outward-looking, tolerant'"
5. It must strengthen the "precious union of all our people"
On the issue of the Northern Ireland border, Ms May says it is not acceptable to say the UK will not put up a border and if the EU does so than it will be their fault:
"We chose to leave and we have a responsibility to help find a solution"
"I am not going to let our departure from the European Union set back the historic progress we have made in Northern Ireland."
There's not much movement from Ms May yet. She once again rejects the option of a Norway-style model, does the same for a Canada-type deal and insists the UK will not be under the jurisdiction of the European Court of Justice after Brexit...
The PM says she is confident a deal is possible because it is in the EU's interests as well as the UK's.
She wants the "broadest and deepest possible agreement, covering more sectors and co-operating more fully than any free trade agreement anywhere in the world".
Ms May is now laying out the five conditions she says a trade deal must include:
1. "Reciprocal and binding" commitments to ensure fair and open competition
2. An arbitration mechanism to ensure disagreements can be resolved "fairly and promptly"
3. The means for an ongoing dialogue between the UK and EU, particularly between regulators
4. An arrangement for data protection
5. Maintaining the links between people in the UK and EU - a mutual guarantee of citizens' rights
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