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Theresa May statement: Pound plummets as Theresa May makes Brexit announcement

The value of the pound has plummeted after Theresa May warned the UK must prepare for a no-deal Brexit.

The prime minister delivered a major statement following the fallout from her summit in Salzburg and said the UK "must and will prepare for no deal".

The pound plummeted following Mrs May's speech, trading down 1.3 per cent versus the US dollar at 1.31. Against the euro, sterling was down 1 per cent at 1.11.

It was the most significant drop in the pound's value since November last year, Bloomberg reported.

Speaking inside 10 Downing Street, Mrs May said: "We cannot accept anything that does not respect the result of the referendum just as they cannot accept anything that is not in the interest of their people."

The Prime Minister said the first issue was Britain's economic relationship with the EU after Brexit.

"Here the EU is still only offering us two options," she added. "The first option would involve the UK staying in the European Economic Area and a customs union with the EU.

"In plain English, this would mean we'd still have to abide by the all EU rules: uncontrolled immigration from the EU would continue and we couldn't do trade deals we want with other countries.

"That would make a mockery of the referendum we had two years ago."

Prime Minister Theresa May speaking in Downing Street (PA Wire/PA Images)
Prime Minister Theresa May speaking in Downing Street (PA Wire/PA Images)

On the second issue, she said: "We both agree that the Withdrawal Agreement needs to include a backstop to ensure that if there's a delay in implementing our new relationship, there still won't be a hard border between Ireland and Northern Ireland.

"But the EU is proposing to achieve this by effectively keeping Northern Ireland in the customs union.

"As I have already said, that is unacceptable. We will never agree to it. It would mean breaking up our country."

Mrs May added the negotiations were at an "impasse", suggesting Donald Tusk claimed the UK's proposals would "undermine the single market".

"He didn't explain how in any detail or make any counter-proposal. So we are at an impasse," she said.

The Prime Minister called cameras into Downing Street just before 2pm, but the statement was delayed by a power failure in the room.

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