There can be no “a la carte” access to the single market, the European Council president Donald Tusk has said, as Europe’s leaders agreed that Britain must accept freedom of movement if it wants access.
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On the second day of an European Union summit, the 27 member states (British PM David Cameron arrived only for the first day) have made clear the the access to the single market goes hand in hand will all four freedoms underpinning the EU’s architecture, namely the free movement of goods, capital, services, and people.
“If Britain wants to remain in the single market, it must pay the price in all senses of the term”, said French President Francois Hollande.
London’s FTSE 100 index rose 2.2%, clawing back most of the losses inflicted in the immediate wake of the Brexit vote.
But an ominous sign for the economy came from telecoms giant Vodafone, which announced it could move its headquarters out of Britain because of Brexit.
May officially supported Cameron’s pro-EU efforts but avoided campaigning herself.
Labour MPs voted against Mr Corbyn in a no-confidence motion Tuesday after dozens of members of his frontbench team stepped down, with the veteran left-winger accused of not campaigning hard enough against Brexit.
British Finance Minister George Osborne, whose attempt to calm markets had fallen on deaf ears on Monday, said the country would have to cut spending and raise taxes to stabilise the economy after a third credit ratings agency downgraded its debt. We are now seeing those things. “There is no doubt in my mind these are going to be hard economic times”.
According to report, Mr Cameron had earlier pressed for control on immigration but was told that was illegal under Brussels law.
And – in a pointed message apparently directed at Tory advocates of Brexit like Boris Johnson and Michael Gove – he added: “Many European partners were clear that it is impossible to have all the benefits of membership without some of the costs of membership”.
Europeans are disenchanted with the EU project and it’s up to member states to inspire them with concrete changes and progress, Belgian Prime Minister Charles Michel said upon arrival Wednesday. “It is about a very fundamental principle which they hold dear”.
“I would think there is absolutely no reason at all to have a general election this year or in the near term”, he said.
Mr. Cameron addressed the House of Commons on his meeting with European Union leaders on Tuesday, saying there had been sadness and regret at Britain’s decision to leave, but European Union leaders were prepared for constructive discussions.
But he said there was also acceptance that “the decision of the British people should be respected”.
“Europeans expect us to do better when it comes to providing security, jobs and growth, as well as hope for a better future”, they said.
Juncker and other European leaders insist they won’t begin any talks until Britain invokes the Article 50 of the EU’s Treaty of Lisbon, which sets in motion a two-year process to split away from the group created to unify Europe after the horrors of World War II. Instead, he said, there was an acknowledgement that “we need to take some time to get this right”.
The United Kingdom shouldn’t take too much time in triggering the Article 50 negotiation but some time.
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Barack Obama has warned European leaders to “catch their breath” and make plans for Britain’s exit from the EU.
