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World

Sterling slumps on May's Brexit roadmap

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Opening sequence

World

Sterling slumps on May's Brexit roadmap

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COMING UP:Sterling slumps on May's Brexit roadmap

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Transcript

00:00:00
>> Theresa May.>>
APPLAUSE
>> We know who's worried about Theresa May's Brexit plans. Sterling has fallen to a three-year low. Monday's tailspin coming after the prime minister announced the UK would begin the process of leaving the EU next March. Reuters' William James has been tracking the reaction from the Conservative Party conference.
00:00:20
Theresa May really set out her store for what she sees Brexit meaning, and the banks have interpreted that as meaning a hard Brexit. And they've taken that from the language where she talked about prioritizing control. She kept referring to control. Control of immigration. Freedom from the European Court of Justice.
00:00:37
And she almost said, that's more important than access to the single market than the business side of it. She didn't quite go as far as that, but with the lack of information, everyone's reading as much as they can and took her word. And it seems that the conclusion is she basically sets out a position for hard Brexit.
00:00:55
The speech has gone down well with Euroskeptics in her party. They tend to favor an exit that doesn't compromise on border controls, even if that makes single market access unlikely. And surprisingly, this speech hasn't ruffled to many Remainers' feathers either.>> The hardcore Euroskeptics are happy, and the people who were campaigning on the Remain side may be worried about the prospects of a hard Brexit.
00:01:18
Everything's still in play for them. There's nothing being ruled out or being ruled in by Theresa May.>> Chancellor Phillip Hammond is thought to favor a soft Brexit, but in his Monday conference speech, he struck a similar tone to May.>> So no-one should be in any doubt that we have the skills, the ingenuity, and the determination to make a success of Brexit.
00:01:40
>> There are undoubtedly Brexit divisions in the conference hall, but May's announcement could keep them at bay until after the cameras leave.