Cicero Brex-o-meter: Florence speech is expected to provide further detail

On the key elements of Lancaster House, the Government appears agreed: The UK will leave the EU; there will be no membership of the Single Market or the EU Customs Union; and no Freedom of Movement. There are two massive questions still to be answered: What precise future relationship will the UK seek with the EU? And what transition will it seek on the way there?

In recent weeks a ‘status quo’ transition of two or three years along with budget contributions has appeared to gain favour but without a clear sense of the final destination. Meanwhile, the position papers published by the Government suggest the UK is seeking a model that seeks to replicate some of the benefits of the Single Market.

This may mean the UK will follow EU rules on a sector-by-sector basis and pay into EU budget for the transition at least. Boris Johnson appears to want to cut the cord – pulling the debate back towards a more purist form of Brexit in which the UK will relate to the EU in the same way it does with other close allies. Theresa May’s much-awaited Florence speech is expected to provide further detail on the Government’s approach later this week.

Click here to access Cicero’s Brex-o-meter

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