May to give landmark speech to break Brexit negotiations deadlock
British PM Theresa May is expected to tell EU leaders that there's a shared responsibility to ensure Brexit takes place "smoothly." May will be giving a landmark speech in Florence where she'll attempt to break the deadlock in Brexit negotiations. The BBC has reported that May might propose a two-year transitional trade deal which could include payments worth 20 billion euros to the EU.
What is Brexit?
The process for Britain's exit from the EU was triggered following the results of a June 2016 referendum, in which 52% of the voters said Britain should leave the Union. 'Leave' supporters wanted Britain to be rid of EU regulations, including the harmonized economy.
What context is Brexit happening in?
Britain triggered Article 50 of the Lisbon Treaty, intending to enter into negotiations with 27 EU members to exit the EU in March 2017. Since then, numerous differences have cropped up between the EU and Britain, as well as different political constituencies in Britain. While the EU has accused the UK of magical thinking, UK considers Europeans to "massively over-egg their financial demands".
May to try ensuring Britain has EU market access
May is expected to make an "open and generous" offer worth $20 billion euros over two years to cover a deficit in the EU budget created after Britain formally departs in March 2019. Hence, the complete Brexit process may take nearly five years since the UK referendum in 2016. May's offer would try ensuring that Britain has continued access to the EU post-Brexit.
May's speech to highlight 'new partnership, not ended relationshp'
Pre-released excerpts reveal that she's expected to say that it's in everyone's interest to reach a final Brexit agreement. The BBC reports that in her upcoming speech, May will say history will judge Brexit based on the vision shown, not the differences faced. She will say the Brexit would be remembered: "not for a relationship that ended but a new partnership that began."
