Please see below for today’s key Brexit news items:

  • Theresa May has warned that “no-one will get everything they want” out of Brexit negotiations but she is confident a deal can be done. Setting out UK hopes for a future EU economic partnership, Mrs May warned both sides had to accept “hard facts”. Single market access would be “less than it is now” and the UK would have to pay into some EU agencies. But she would not threaten to walk out of talks and in a message to the EU said: “Let’s get on with it.” (BBC)
  • Theresa May has warned that the EU and UK will lose some access to each other’s markets as she set out her detailed proposals for a future British trading relationship after Brexit for the first time. In a long-awaited speech on Friday Mrs May promised that Britain would not try to undercut the EU in areas such as regulation and state aid and that UK regulators would work closely with their continental counterparts. There would also need to be a new arrangement on data sharing, she said, to provide “stability and confidence” on both sides of the English Channel..” (The FT)
  • The UK wants to replicate single-market arrangements in goods under a bespoke trade agreement that would see it become an “associate member” of EU regulators in chemicals, aviation and medicines. In exchange, it is willing to bow to demands to maintain EU law in state aid and competition policy. “We will not accept the rights of Canada and the obligations of Norway,” Prime Minister Theresa May said today. (MLEX)
  • Michel Barnier, the EU’s Brexit chief, has “welcomed” a major speech from Theresa May where she set out her ideas for the UK’s future EU relationship. Mr Barnier said in a tweet on Friday the UK prime minister had shown “clarity about the UK leaving the single market and customs union”. This recognition of these “trade offs” would help EU leaders when drafting up their latest guidelines on the Brexit negotiations next week he said. (The FT)
  • An EU-UK deal on financial services must go beyond existing “equivalence measures” and give businesses a “reliable and permanent” form of market access, Prime Minister Theresa May said today. May accepted the UK will lose its “passporting” rights, but said that single market membership would be unacceptable for banks and other financial institutions as it would mean the City being a rule-taker. (MLEX)