Theresa May Wins Cabinet Backing for U.K. Soft Brexit Blueprint

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U.K. Prime Minister Theresa May won a crucial victory over pro-Brexit cabinet colleagues on Friday, as her government backed a wide-ranging plan to keep close trade ties with the European Union after leaving. The pound rose and the country’s main business lobby welcomed the proposal. May also stamped her authority on her Cabinet, warning colleagues that if they criticize government policy they must resign.

Following a day of talks in her country residence, May’s Cabinet signed off on a blueprint for a new U.K.-EU “free trade area,” with interwoven customs regimes, and identical regulations for industrial and agri-food goods.

There was no such plan for the country’s huge services sector, and London-based banks were warned they will lose their current levels of access to the EU market. New arrangements will seek to preserve the “mutual benefits of integrated markets.” …

Read more : Bloomberg, 06.07.2018