Currencies volatile and markets flat ahead of May's Florence speech

Theresa May will set out her vision for Brexit in a speech later today

Theresa May will set out her vision for Brexit in a speech later today

Almost 600 years after the Council of Florence met to reunite the Latin and Greek churches, Mrs May will hope to heal rifts which seem to have deepened over the summer. We expect May to be joined by Foreign Secretary Boris Johnson and Chancellor Phillip Hammond, who have over the past few months both been quite publicly advocating different Brexit models for the UK.

Theresa May has given an important speech about Brexit in Florence, Italy.

Britain is prepared to abide by European Union rules and pay into the bloc's coffers for two years after leaving the EU in March 2019, Prime Minister Theresa May said on Friday in a conciliatory speech meant to revive foundering exit talks.

"Before we move forward, we want to clarify matters concerning the settlement of European citizens, the financial terms of exit and the question of Ireland".

Britain and the European Union are preparing to head back to the negotiating table after a speech by Prime Minister Theresa May that received a cautious welcome from the bloc's leaders.

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"Today's speech does not clarify how the United Kingdom intends to honour its special responsibility for the consequences of its withdrawal for Ireland", he said.

In her speech in Florence, "May expressed a constructive spirit which is also the spirit of the European Union during this unique negotiation", Barnier said in a statement.

'In a long and meandering speech in Florence, we learned little expect "no deal is better than a bad deal",' he said.

However, the analyst criticized May's response to the EU's demands for a hefty divorce bill, saying the fact that she agreed London had to pay anything at all was going to cause problems for the UK. Britain houses more than 600, 000 Italians and many other nationals of European countries.

The EU is also demanding Britain pay for long-term budget commitments, including contributions for infrastructure projects in poorer member states and pensions for EU officials.

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'Thus, the EU's response to May's speech is likely to be even more important for United Kingdom asset prices'.

Johnson will be in the audience when May makes her speech at the Santa Maria Novella church and museum, which some commentators dubbed an attempt at personal renaissance.

She explained that the british courts should refer to the release agreement and that she wanted them to "take into account the judgments of the Court of justice of the EU" in their decisions.

Jeremy Corbyn, leader of the opposition Labour Party, welcomed the transition period, but said that "15 months after the European Union referendum, the government is still no clearer about what our long-term relationship with the European Union will look like".

He said: "The UK wants the EU to suspend the application of its laws, its Customs Union, and its Single Market at what will be a new external border of the EU".

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French President Emmanuel Macron said that rules on the settlement of European Union citizens, the financial terms of Britain's departure from the bloc and the question of Ireland must be clarified in Brexit talks before other issues can be tackled. We are keen to see the negotiations move quickly to the next stage to allow the crucial issue of trade to be dealt with and our future relationship with the EU.

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