Brexit: 'Britain would be worse off' says prime minister

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A Brexit supporter holds a Union Flag at a Vote Leave rally in London, Britain, June 4, 2016. Reuters/Neil Hall

Britain's Prime Minister Theresa May has confirmed that the United Kingdom will withdraw from Europe's single market when it leaves the European Union. In the Brexit referendum, May said that "Britain would be worse off."

In 2016, a leaked memo from Treasury indicated that if the UK leaves the single market, its gross domestic product (GDP) may shrink by as much as 9.5 percent. Liberal Democrats leader Tim Farron has shared his insights about this concern.

"To take us out of the single market without even arguing our case, to wave the white flag across the cliffs of Dover, as Theresa may has just done and give up what's best for Britain is an insult to business," Farron said. He said it is damaging to the future of Britain.

In relation to this, Labour leader Jeremy Corbyn said his party will ensure Britain gets some form of access to the single market."I think we have to have a deal that ensures we have access to the market, we have British jobs dependent on the market, that's what we will be pushing for," he said.

Meanwhile, May is banking on the privilege to quickly negotiate tariff-free trade with the EU, as well as fast track free trade agreements with several nations. "So an important part of the new strategic partnership we seek with the EU will be the pursuit of the greatest possible access to the single market on a fully reciprocal basis through a comprehensive free trade agreement," she said.

The prime minister maintains that no deal for the country is better than a bad deal. Looking into the bright side, May said they would still be free to strike trade deals across the world, set competitive tax rates and attract the world's best companies and largest investors to Britain.