British Prime Minister Theresa May says Britain will leave the European Union's single market.
May spoke to government employees and diplomats at Lancaster House in London on Tuesday. She had been under pressure to provide a plan following Britain's vote last June to leave the European Union.
May also said Britain will break with the European Court of Justice. She said the U.K. must regain control of its laws and borders, and will seek a new trade agreement with the E.U.
May said that the final plan would be presented to parliament for a vote.
Good news for the pound
The speech appeared to lend support to the British pound, which has fallen around 19 percent against the U.S. dollar since the vote. Shortly after May described her vision of free trade and strong economic ties, the pound rose in value.
Leaving the single market
The E.U. single market makes it easy for EU nations to trade with one another. It permits free movement of goods, workers, and services around the E.U. without tariffs. Some non-E.U. countries, such as Norway, have made agreements with the E.U. that permit them to be part of the single market if they meet conditions.
The possibility of losing access to the single market has worried many people in Britain's large financial services industry.
In her speech, May said she wants to create a new relationship with the E.U. based on free trade.
"This agreement should allow for the freest possible trade in goods and services between Britain and the E.U.'s member states. It should give British companies the maximum freedom to trade with and operate within European markets, and let European businesses do the same in Britain," May said.
The E.U. has created separate customs union agreements with countries that vary in their rules and what goods are covered.