Europe

The Latest: British leader: UK to make clean break from EU

  • Britain's Prime Minister Theresa May delivers a speech on leaving the European Union at Lancaster House in London, Tuesday, Jan. 17, 2017. (AP Photo/Kirsty Wigglesworth, pool)

    Britain's Prime Minister Theresa May delivers a speech on leaving the European Union at Lancaster House in London, Tuesday, Jan. 17, 2017. (AP Photo/Kirsty Wigglesworth, pool)  (The Associated Press)

  • Prime Minister Theresa May leaving Downing Street in London, ahead of her speech on Brexit Tuesday Jan. 17, 2017. May is to give further details of her plans for Brexit in a speech in which she will declare she does not want an outcome which leaves the UK "half-in, half-out" of the European Union. (Stefan Rousseau/PA via AP)

    Prime Minister Theresa May leaving Downing Street in London, ahead of her speech on Brexit Tuesday Jan. 17, 2017. May is to give further details of her plans for Brexit in a speech in which she will declare she does not want an outcome which leaves the UK "half-in, half-out" of the European Union. (Stefan Rousseau/PA via AP)  (The Associated Press)

  • Britain's Prime Minister Theresa May arrives to deliver a speech on leaving the European Union at Lancaster House in London, Tuesday, Jan. 17, 2017. (AP Photo/Kirsty Wigglesworth, pool)

    Britain's Prime Minister Theresa May arrives to deliver a speech on leaving the European Union at Lancaster House in London, Tuesday, Jan. 17, 2017. (AP Photo/Kirsty Wigglesworth, pool)  (The Associated Press)

The Latest on British Prime Minister Theresa May's speech on Brexit (all times local):

12:05 p.m.

Prime Minister Theresa May says that Britain plans to make a clean break from the European Union and not opt for "anything that leaves us half-in, half-out."

In a major speech Tuesday, May said Britain won't "hold on to bits of membership," nor seek associate or partial membership of the bloc.

She says Britain will forge a "new and equal partnership" with Europe.

Britons voted to leave the EU in a referendum in June.

Setting out her vision for Britain, May said she wanted her country to emerge "stronger, fairer, more united and more outward-looking than before."

She also said that Britain's parliament will get to vote on a final Brexit deal.

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11:15 a.m.

Anthony Scaramucci, who is part of President-elect Donald Trump's transition team, says global elites have to get out of their comfort zones and listen to the people if they don't understand how Trump was elected or why Britain voted to leave the European Union.

At a panel at the World Economic Forum, financier Scaramucci said the richest top 3 percent of the world benefited from the massive stimulus measures enacted by global central banks since the financial crisis and are basically back to where they were in 2007. The remaining people, he said, are "struggling."

To those among the global elites who don't understand that post-crisis phenomenon, Scaramucci had a message: "Go to the prairie lands of the United States, or perhaps places in Great Britain or places in Europe. You know the places. Listen to the people. We have to as a collective group of people come up with the right policies."

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10:25 a.m.

The chairman and CEO of Bank of America says major companies like his need clear rules before deciding how much business to maintain in Britain after it quits the European Union.

Brian Moynihan and other top bankers and executives gathered at the World Economic Forum in Davos are eagerly awaiting details about the U.K. exit plans from British Prime Minister Theresa May in a speech Tuesday.

Moynihan, speaking to The Associated Press, said Bank of America is working on "all kinds of scenarios" to possibly shift activities out of London after the so-called Brexit, but insisted "it's still not clear what that would do, or wouldn't do."

He said: "It's still premature to say what anybody's going to do until you have one set of rules. London will be an important part of our company no matter what happens with the British economy."

Noting a mass sense of "dislocation" in the British and U.S. electorate because of fast technological change, he said, "The No. 1 job for the leader of any enterprise, whether civil political or business, is to be responsive to the people they serve."

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9:05 a.m.

Prime Minister Theresa May is preparing to make a speech that will signal that Britain will make a clean break from the European Union and not seek to remain "half-in, half-out."

In her most detailed address on the U.K.'s exit strategy, May will say that Britain doesn't want "partial membership of the European Union" or "to hold on to bits of membership as we leave."

Advance excerpts suggest May's speech will disappoint businesses and voters who want the country to stay in the bloc's single market.

It's likely to be another shock for the pound, which hit a three-month low below $1.20 Monday. It traded slightly above that level early Tuesday.

Neil Wilson, senior market analyst at ETX Capital, said he was "expecting a wild ride for the pound today."