Confirming many media reports prior to her speech today at Lancaster House, The Rt Hon Theresa May PM told listeners that “No deal for Britain is better than a bad deal,” and she called for a “clean break” with the EU.

Hard exit

A hard exit was indicated when PM May said the country could not be “half-in and half-out” of the EU.

She also confirmed that she will present the exit plans to Parliament for approval.

Immigration and laws

The Prime Minister emphasised that her primary goals were to regain the control of immigration which was lost when the United Kingdom joined the borderless European Union and also to keep all lawmaking in the control of the UK government.

Saying that the consequence of reinforcing the Parliamentary Government system in the UK and regaining control of the border was a mandatory exit from the trading partnership which not only opened borders but which also mandated some legal changes across the entire EU.

Trade war warning

The Prime Minister also appeared to open the door to a potential trade war between the UK and the remaining members of the EU, if the EU tries to “punish the United Kingdom” during the exit negotiations.

US Treasury Secretary comments

Meanwhile, in the US the outgoing Secretary of the Treasury Jack Lew made some comments about the Brexit plans as well as some possible consequences and US concerns during an appearance on business channel CNBC a few minutes after PM May finished speaking.

To begin with, he pointed out that a united Europe has been a source of stability since World War II and that was important to the US and the world.

As for the wisdom and final economic results of leaving the EU Secretary Lew said, “I will withhold my judgment until the end.”

But he also said that the ultimate best outcome for everyone will be to have maximum connections between the UK and the EU as well as between the US, the EU, and the UK and that he hoped that would be the final result of the upcoming negotiations.

Geopolitically the Treasury Secretary said that he hopes the UK will remain an important partner in The North Atlantic Treaty Organization (NATO.)