British Prime Minister Theresa May confirmed Tuesday that the United Kingdom will be leaving the European Union single market in what she said is a necessary step toward regaining control of immigration and lawmaking.
Speaking before an audience in London, May reaffirmed her pledge to negotiate a "hard Brexit," noting that Britain could not be "half-in, half-out" of the 28-member bloc, the Guardian reported.
May committed to holding a parliamentary vote on the final Brexit deal, reiterating her plan to trigger negotiations under Article 50 of the Lisbon treaty as soon as March. A spokesman for the prime minister said members of parliament would be unlikely to prevent the departure from moving forward.
May warned the EU would be torn into "tiny pieces" if it failed to grant Britain the deal it wants, threatening to slash corporate tax rates to remain competitive.
"No deal for Britain is better than a bad deal for Britain," May said.
May also suggested her 12 main priorities to depart from the EU would include a partial withdrawal from its customs union, which allows for the tariff-free movement of goods across the bloc.
The speech made clear May's desire to establish a new relationship with Europe, calling for a "new and equal partnership—between an independent, self-governing, global Britain, and our friends and allies in the EU," the New York Times reported.
"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," she continued.
Tim Farron, who leads the centrist Liberal Democrats, said May's decision to leave the single market ran counter to what voters wanted and would do "massive damage to the British economy."
The pound sharply increased Tuesday following May's speech. The three percent rise over the day marked the biggest single-day rise against the dollar since 2008, the Independent reported.