What Exactly Is a ‘Hard Brexit,’ Anyway? 47 0 0 0 13 6. In a major speech on Tuesday, British Prime Minister Theresa May will clear up months of speculation about what sort of britain’s exit from european union Britain will seek to have with the E.
The Prime Minister has pledged to trigger Article 50 of the E. For readers who are not closely familiar with the debate that has followed the U. The term is thought have been coined more than year before the referendum, in a Feb. 2015 report to HSBC clients by Simon Wells and Liz Martins. In the report, the economists distinguished between hard and soft exits from the E. A hard Brexit arrangement means the U. U’s single market in order to have full control over its borders.
It would also likely mean a withdrawal from the E. The single market is an economic arrangement between E. Membership also allows countries to enjoy tariff-free goods transport. Given Britain’s vote to leave the E.
As membership of the single market requires free movement of E. Britain must leave in order to do that. What Britain gains, in theory, is full control over immigration and the ability to sign independent trade deals. But post-Brexit the government will be under pressure to quickly make new trade pacts with not only the economic bloc, but also countries around the globe, as tariffs will be imposed in line with World Trade Organization rules. Institutions and economists have also warned a clean break with the E. Theresa May’s own Conservative Party had wanted — would have allowed Britain to retain some form of access to the single market by maintaining the free movement of people.