The Pound has fallen to its lowest level since late October after Theresa May said there was no way the UK could keep “bits” of its EU membership.

Her comment on Sky News that “often people talk in terms as if we are leaving the EU but we still want to keep bits of membership of the EU. We’re leaving; we’re coming out” indicated that the Conservative Government has admitted that its ambitions to retain at least a few privileges of EU membership have been defeated and “hard Brexit” is the only remaining option.

It is what the referendum supported, after all.

The markets reacted accordingly and the Pound plummeted – indicating that some businesspeople had been holding onto an illusion that something useful could be salvaged from the wreck of our EU membership, but now those hopes have been dashed.

It will be interesting to see how UK businesses fare in the markets over the next few months. Brexiters (often dubbed “Quitters”) have been claiming the UK will enjoy a trade renaissance, pointing at the markets’ buoyancy in this “phoney war” period between the EU referendum decision and any negotiation as their proof. Will they be proved wrong?

The admission that the UK will probably leave the Single Market has been resisted by Tories for months, in the knowledge that it will have a harsh impact on British companies.

Political Scrapbook commented: “Leaving the Single Market would make it harder for companies to recruit the best talent. It would also make it more expensive for British companies to sell their goods and services to other EU countries.

“The Pound became one of the world’s worst performing currencies last year, and is expected to drop further once Article 50 is triggered. In other words, the markets don’t expect Brexit to help the UK economy.”

And what about Scotland?

Nicola Sturgeon said she would trigger a second independence referendum if the Tories opted for ‘hard’ Brexit. Considering the fact that Scotland voted strongly to Remain in the European Union, it is a view with which This Site sympathises.

Is Mrs May saying she doesn’t care what Scotland does? Is she trying to split the union?

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