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...
Minutes after that, it's here. Jeremy Corbyn says the PM's speech lacked clarity.
Here's his response in full:
“After 20 wasted months, Theresa May has once again failed to bring real clarity to the negotiations - and worryingly, she admitted that her approach will reduce our access to European markets.
“She read out a long list of problems but failed to provide solutions, particularly on the urgent question of preventing a hard border in Northern Ireland.
“We clearly set out our Brexit priorities in Coventry on Monday. Theresa May's only clear priority today seemed to be to tie the UK permanently to EU rules which are used to drive privatisation and block support for British industry.”
Some more reaction to Theresa May's speech, this time from the anti-Brexit Best for Britain group. It's chief executive, Eloise Todd, said:
"This speech today was a parade of platitudes and statements about how we need to stay close to Europe in area after area. You have to wonder was this all worth it. The speech was nuts and bolts and no vision.
"The worryingly blank board the Prime Minister stood behind is a metaphor for this government. Without any ideas and in desperate need of anything they can get through Jacob Rees-Mogg and the extremists on the right of her party.
She continued:
"The Prime Minister, again today quoted her speech delivered from the steps on Downing Street but she has delivered none of it and has ended up in a Brexit quagmire that will define her. The facts are clear - growth and living standards are going to be lower because of the decisions she is making.
"Theresa May lectured the country to come back together while conveniently forgetting that her own party caused the country to tear itself apart. All this is not a done deal and I urge people to stand up and make themselves heard, we can keep no Brexit on the table."
The Irish government has cautiously welcomed the speech. Simon Coveney, the foreign minister, said:
"We welcome the Prime Minister's reiteration of the UK's steadfast commitment to the Good Friday Agreement and to the commitments made in the agreement reached last December, including on avoiding a hard border.
These commitments now need to be translated into concrete proposals on how a hard border can be avoided and the Good Friday Agreement and North-South co-operation protected."
He added: "Our shared hope is that the future EU-UK relationship can achieve these goals.
"However, we, together with the Commission, are also committed to exploring other specific solutions, if proposed by the UK."
That's all for today. We'll be back with more live updates from Westminster next week and of course all the news as it happens over the weekend. Theresa May is due to be interviewed on the Andrew Marr Show on Sunday, so expect the reaction to today's speech to rumble on.
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