On 2 October, Theresa May announced that the UK will begin the formal Brexit negotiation process within a year by triggering Article 50 no later than March 2017. This statement saw the Pound hit a new 31-year low against the Dollar, almost 15% weaker than before the EU referendum on 23 June 2016.
During her speech at the Tory Party Conference, the Prime Minister was clear on her stance on immigration. She stated that the UK would not give up its border control under any circumstances.
Open borders are a prerequisite for access to the EU’s single market. EU member states have stated that the UK will not have access to the single market without agreeing to the maintenance of open borders.
The move strongly suggests that regaining control of immigration is a greater priority for the Prime Minister than access to the EU’s market.
Speaking at her first party conference as Prime Minister, Mrs May said: “We have voted to leave the European Union and become a fully independent, sovereign country. We will do what independent, sovereign countries do. We will decide for ourselves how we control immigration. And we will be free to pass our own laws.”
Following the timeline set out by the Prime Minister, we should see the UK officially leave the EU by the summer of 2019.