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UK PM offers MPs Brexit scrutiny

Mrs May told the House that Britain will get the "maximum possible access" to the European market once it leaves the European Union and declared she meant to honour the country's decision on Brexit by controlling the levels of immigration to the country.

The process will take up to two years, involving complex debates about issues such as immigration and access to the European single market.

The pound rebounded slightly on Wednesday after Prime Minister Theresa May announced she would hold a parliamentary debate on Brexit proceedings and promised to fight for "maximum possible" access to European Union markets.

In a sign of the ongoing divisions that threaten to consume British politics in the coming months, many pro-"Leave" lawmakers raised concerns Wednesday that calls for greater parliamentary scrutiny of the negotiations was a ruse to delay Brexit indefinitely.

"Parliament is going to have every opportunity to debate this issue."

The Prime Minister said she wants the "right deal in terms of operating within and trading with" the European Union post-Brexit, also telling MPs the negotiations will seek the "maximum possible access".

"And that will include the maximum possible access to the European market for firms to trade with and operate within", Ms May told parliament, a statement which helped sterling gain around a quarter of a cent against the dollar.

Wednesday's debate is expected to end in a vote, but it will not be binding on the government.

The opposition Labour party hailed her move as a climb-down, although her office said she had always stated that parliament should have a role.

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“Its like when you buy a house – if you say ‘I love your house and Im not looking at any others the price will probably go up, ” he said.

Emily Thornberry, Shadow Foreign Secretary, and Sir Keir Starmer, Shadow Brexit Minister, tabled 170 questions for the government to answer about its strategy before Article 50 is triggered. "The mandate on the 23rd of June was not a mandate on the terms (of a Brexit deal)".

"But we also believe this should be done in a way that respects the decision of the people of the United Kingdom when they voted to leave the European Union on 23 June and does not undermine the negotiating position of the government".

Investors fear that, with three leading Brexit campaigners among her closest advisers, Ms May is taking Britain towards a "hard Brexit".

The question created some confusion since the United Kingdom is expected to get access to the EUs Single-Market whatever its deal with Brussels.

May also declined to give details of her position to the parliament, insisting that she would not provide a "running commentary" on the negotiations.

Connor Campbell, financial analyst at Spreadex, said: "In the face of USA investors keen to buy the dollar as Donald Trump's presidential campaign disintegrates, and a speech from Brexit minister David Davis that erred on the "hard" side of things, the pound managed to rise 0.7% against the greenback and 0.8% against the euro this Wednesday".

She said: “Labour didn't want a referendum, we gave them a referendum, Labour didn't like the result - we are listening to the British people and delivering on that result.”.

"We're not even at the point that that's possible", Mr Davis added.

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