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EU gets tough as UK prioritises sovereignty and independence

Lim Yin Foong Published on Mon, Oct 24, 2016 / 2:21 PM GMT+8

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So a date has now been set for the most eventful and possibly most painful divorce of recent times; one that will see the UK dissolve its 43-yearold partnership with the European Union (EU).

UK Prime Minister Theresa May’s announcement that her government will trigger Article 50 to begin formal negotiations for Brexit by end- March 2017 has been largely welcomed after months of speculation and uncertainty following the June 23 referendum. European stock markets rose at the news, but the pound sterling plunged to new 31-year lows against the US dollar.

The sterling’s selldown has been attributed to May’s strong rhetoric on the UK regaining its sovereignty over its laws as well as full control over its borders, both key points in the pro-Leave team’s case for exiting the EU. May’s prioritising of these points over the UK’s access to the European single market when speaking at the Conservative Party conference early this month has fuelled ongoing fears about the possibility of a “hard” Brexit and the ensuing economic impact on the country.