In a speech set for Tuesday, British Prime Minister Theresa May is poised to signal a clean break from the EU - including its single market. Fears of that outcome have pushed down the value of the British pound.
Image: REUTERS/E. Vidal
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British Prime Minister Theresa May is due on Tuesday to outline her plans for leaving the EU. According to speech excerpts released by May's office, she will say the UK will not seek a deal that keeps the UK "half in, half out" of the EU, but a complete severance with the EU, also known as a "hard" Brexit.
"Not partial membership of the European Union, associate membership of the European Union, or anything that leaves us half in, half out. We do not seek to adopt a model already enjoyed by other countries. We do not seek to hold on to bits of membership as we leave," the speech excerpts read.
The extracts from May's office do not state explicitly what trading arrangement she envisions with the EU, nor do they disclose the 12 objectives for severance talks with the EU that May intends to present. The transcripts do state the UK and EU "will continue to be reliable partners, willing allies and close friends."
British media have reported the 12 priorities due to be presented include leaving the EU single market and regaining full control of the UK's borders.
Effect on the pound
The British pound sterling fell to a three-month low against the US dollar on Monday, shrinking to $1.1983.
"Given the high uncertainty, the pound's volatility will be elevated in the near term, although in the mid- to longer-term, we are not that bearish on the pound," said Barclays senior FX and rates strategist Shinichiro Kadota.
May has kept details about the details of what the UK is looking for in upcoming Brexit talks close to her chest before Tuesday's speech, worrying investors, businesses and lawmakers. May plans to begin formal talks with the EU on exiting the bloc by the end of March.
Theresa May: The (a)politics of clothes
Let's face it, the UK's new prime minister, Theresa May, likes fashion. Could her appreciation for style inspire a new brand of political aesthetics?
Image: picture-alliance/dpa/Jonathan Brady
Theresa May's shoe tick
Great Britain's Prime Minister Theresa May has a thing for leopard print, which was first noted when she wore leopard print heels to a Tory party conference in 2002. "The Sun" tabloid recently published a photo of May's characteristic shoes standing on the heads of male Tory politicians. The headline: "Heel Boys." Politically speaking May is known for taking no nonsense in pushing through reforms.
Image: Getty Images/C. Furlong
May meets Merkel
Theresa May has frequently been compared to German Chancellor Angela Merkel: Both were raised by Protestant clergy fathers, both are childless and are known for their persistence. Merkel, whose endless collection of boxy, often drab pantsuits have earned her a reputation as a fashion dud, simply doesn't comment on clothes. But May is open about her hobby. The two leaders meet in Berlin on July 20.
Image: picture-alliance/dpa/A.Rain
Style is allowed
"Theresa May has a subscription to 'Vogue' and the keys to number 10 Downing Street and, unlike any of the post's previous incumbents, she does not see a conflict in that fact," wrote "The Guardian's" Imogen Fox, calling May a "leader who unashamedly enjoys fashion." May is pictured entering 10 Downing Street as the new prime minister on July 13, just after a meeting with Queen Elizabeth.
Image: Reuters/S. Rousseau
A kiss for the Conservatives
"Kitten heels are to Mrs May what a large bottom is to Kim Kardashian, both embrace their appearance to push their agenda - albeit the former in a more dignified way than the latter," wrote "The Telegraph" earlier this month. But what would Kim say about these bold kiss mouth ballerinas? While the internet has been awash with fashion advice for May, others insist her politics should be the focus.
Image: Getty Images/J. Taylor
Dressed for the Queen
Theresa May was welcomed by Queen Elizabeth, who appointed her as prime minister on July 13. The Queen is known for her penchant for uni-tone outfits in bold solid colors. Perhaps May's much talked about florescent yellow skirt was a nod to the royal mum's own style.
Image: Reuters/D. Lipinski
A suit statement
Clothes can carry messages. When Theresa May, on her second full day in office, met Scotland's First Minister Nicola Sturgeon in Edinburgh, she boldly donned the colors of the Union Jack - complete with stylishly pointed red heels. May had weakly opposed Brexit, but switched camps in the run-up to becoming prime minister. Sturgeon's solid blue suit paired with a white top echoed the Scottish flag.
Image: picture-alliance/dpa
Sparkling steps
Pictured in June 2015 in London, Theresa May sports bejeweled royal blue flats with tassles. The BBC listed her shoe fetish in its "Seven notable things about the UK's next prime minister." Beyond her closet, May is known for pushing through police reforms and well as increased surveillance policies in a bid to curb terrorism fears. She's said to be a tough, but polite negotiator.
Image: Getty Images/AFP/N. Halle'n
Accessories: Not just shoes
May is pictured here at the 2016 Henley Royal Regatta, an annual rowing event on the Thames. She is often seen with elegant hats - which, admittedly, seems typically British. Her attention to details - from head to foot - accentuate her femininity, while other female politicians like Hillary Clinton seem focused on neutrality. Will May's passion for fashion inspire other women in politics?
