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UK Confirms It Will Leave EU Single Market Upon Brexit

by Amanda Banks, Tax-News.com, London

20 June 2017


UK Brexit Secretary David Davis has confirmed that the country would lose access to the single market and customs union upon leaving the European Union.

The UK is instead aiming to use the two-year Brexit process to secure a free trade agreement with Europe.

The announcement was made alongside the start of discussions with the European Union on Brexit on June 19.

Davis said before the talks began that he is determined to reach a Brexit deal "that works for the whole of the UK."

The UK Government said in a press release that Davis is "confident that he can get a positive outcome and secure a new deep and special partnership with the EU."

It announced in a separate statement that Parliament would sit for two years instead of the usual one to give MPs enough time to fully consider the laws required to make Britain ready for Brexit.

Tax experts have previously said that the outcome of the UK's general election on June 8, with the Conservative Party failing to secure a parliamentary majority, could weaken the UK's negotiating position in Brexit talks.

The election had been called by the Conservative Party with the intention of consolidating its hold over UK politics. However, the opposition Labour Party did considerably better than expected, and the Conservative Party lost seats, despite gaining seats in Scotland.

The Conservative Party now lacks a parliamentary majority and is in talks with Northern Ireland's DUP on forming a minority Government.

TAGS: tax | value added tax (VAT) | Ireland | law | United Kingdom | agreements | trade | Europe | Tax | Scotland

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