THERESA MAY has vowed Britain will not be a ‘rule taker’ pushing aside Remainer dermands to promise Britain will leave the constraints of the European Union’s single market.
Theresa May told the BBC’s Andrew Marr that Britain could not become a ‘rule taker’ after Brexit by staying in the single market without a seat at the table when decisions are made.
She said: “If we were to accept passporting, we’d just be a rule-taker – we’d have to abide by the rules that were being set elsewhere, and given the importance of financial stability of ensuring the City of London, we can’t just take the same rules without any say in them.
“What we’re looking to develop is a relationship that means they can stay here in the UK as part of the City of London, that they will be continuing to provide their services across the European Union.
“But they will know – given the sums of money involved, given the importance of financial stability, given the risk that actually the UK bears as a result of having the City here.
“It’s important that we do that on the basis of recognised regulatory standards, but we can’t just accept rules made elsewhere without us having a say in them.”
Passporting allows firms based in the UK to trade across the EU’s single market. The EU has said the loss of passporting is ‘automatic’ once Britain leaves the European Union.
A number of Remainers have demanded Britain stays in the EU’s single market but participation in the single market means complying with onerous rules and regulations issued by Brussels.
Mrs May said that while Britain will seek to comply with regulation in some sectors, others must be free from the EU’s red tape.
The PM said: “This issue of regulation is important because there will be some areas actually, like the car manufacturing industry, where being able to operate on the same basis is important for that business, that supply chain and the links to the supply chain.
“But if you look for example at fisheries – and we are going to come out of the Common Fisheries Policy – if you look at agriculture, I think there’s a lot we can be doing there.
“We want to maintain our high environmental and animal welfare standards but actually look to say, as I put in my speech, we want a fairer allocation of waters to UK fishermen.”