Theresa May 'to say UK is ready to leave single market'

The prime minister will lay out her plans for Brexit on Tuesday, and is expected to say that the UK is prepared to leave the single market, the customs union, and the European Court of Justice, according to reports.

The Sunday Times says that Theresa May will advocate for a so-called "hard Brexit" when negotiating with the EU in order to regain control of immigration.

A Downing Street source told the paper that the prime minister had "gone for the full works" but that her staff were concerned her comments may cause a "market correction" which could lead to another fall in the pound.

In her speech on Tuesday at Lancaster House, she is expected to call for both sides of the debate to come together, and make an effort to reassure Remain voters that a "global Britain" can prosper alone.

It is understood that pro-Brexit ministers have put forward the argument that the UK must leave the customs union to give it more flexibility with non-EU countries.

May will attempt to arrange preferential access to EU markets for the pharmaceuticals and car industries, as well as the financial sector, as part of a new deal with Brussels.

She will also promise to publish a bill immediately in the event that the Supreme Court rules she must obtain parliament's permission to trigger Article 50.

Ambassadors from the remaining EU countries have been invited to attend the speech, so they will be clear on what Britain's approach is.

Brexit secretary David Davis has also outlined that Britain is looking for a new deal with the EU.

Writing in The Sunday Times, he said: "We don't want the EU to fail; we want it to prosper politically and economically, and we need to persuade our allies that a strong new partnership with the UK will help the EU to do that."

He added, hinting at a transitional agreement: "If it proves necessary, we have said we will consider time for implementation of new arrangements."

Labour leader Jeremy Corbyn said Theresa May appears to be "heading us into a sort of bargain basement economy on the shores of Europe".

Speaking to the BBC's Andrew Marr Show, he added: "We will lose access to half of our export market, it seems to me an extremely risky strategy."

"I think there needs to be more discussion, more consultation, and recognition that there is a close economic cooperation with Europe that's going to have to continue when we're outside the EU," Corbyn added.