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Corbyn: May's plan threatens 'a bargain basement Brexit'

Jeremy Corbyn has urged Theresa May to "stop her threat of a bargain basement Brexit" during exchanges at Prime Minister's Questions.

The Labour leader also criticised Mrs May for delivering her key Brexit speech away from the Commons, labeling her "not so much the Iron Lady as the Irony Lady" for "sidelining Parliament" while claiming to restore parliamentary democracy.

Mrs May accused Mr Corbyn of "not having a clue" over Brexit as she faced pressure to reveal if Britain will pay for single market access.

The prime minister refused to be drawn on whether payments would be required after the UK withdraws from the bloc despite the Labour leader repeatedly raising the issue.

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FTSE 100 loses ground after May's Brexit speech

The pound and the the FTSE 100 movement since the referendum Credit: PA/Bloomberg

The FTSE 100 lost ground as the pound surged after Theresa May's speech on Brexit.

The FTSE 100 index was down 106.75 points, closing at 7220.38 - 1.46% lower - as traders processed details of Theresa May's speech.

This marked its steepest fall since June 27 last year, when it fell 2.55%.

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