Her position means the U.K. will stay inside the single market in all but name during a transition period, though without any say over its rules. Such an interim arrangement could last two years, May said, but she did not rule out a longer transition if one was needed. A two-year transition would mean few tangible changes as a result of Brexit until 2021 — five years after the referendum.
While the EU’s chief Brexit negotiator and other senior officials welcomed May’s speech as a signal of her willingness to move forward in a constructive fashion, they strongly criticized her for not providing sufficient clarity on the three main divorce issues: citizens’ rights, the financial settlement and Ireland. [...]
This will see the U.K. allow the continuation of freedom of movement during a transition — something that had previously been a red line for May. The U.K. will require EU citizens coming to work in the U.K. during the transition to register with British authorities, but officials characterized this as within EU rules and similar to measures already taken by other countries such as Belgium. [...]
The speech was received warmly by the British business lobby who said their voice had been heard. When in July the Confederation of British Industry called for the U.K. to stay in the single market and the customs union for as long as it took to agree a new U.K.-EU relationship, it seemed like an unlikely scenario. [...]
After weeks of clashes within her cabinet over the nature of the future relationship, May ruled out two opposing “off the shelf” models — European Economic Area membership, and a trade deal along the lines the EU has agreed with Canada. She said long-term EEA membership — the Norway model, under which the U.K would be in the single market but with no say over EU rules — would represent a “loss of democratic control” that “could not work for the British people.” On the Canada model, she said the U.K.’s existing regulatory harmony with the EU meant that the two sides could “do so much better” with a deeper, more comprehensive free trade agreement.
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