Key points of Theresa May's Florence Brexit speech

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Prime Minister Theresa May has delivered a major speech on Brexit in Florence, setting out her plans for an implementation period leading to a "new alliance" with Brussels.

Here are some of the key points of Mrs May's plan:

:: Neither the UK nor the EU will be in a position to "smoothly" implement the new arrangements on the formal date of Brexit - March 29 2019 - so a transitional period is required.

:: During that period, market access would "continue on current terms" and the framework for the "strictly time-limited period" would be EU rules and regulation.

:: EU citizens would continue to be free to live and work in the UK during the implementation period - but there will be a registration scheme for them.

:: The implementation period could last for around two years - but some aspects of the new arrangements could be implemented sooner.

:: The UK will honour its commitments under the EU budget to 2020, thought to be around £18 billion (20 billion euro) so no other EU country will "pay more or receive less" as a result of Brexit.

:: Neither an approach based on European Economic Area membership, or a "traditional" free trade deal such as the Ceta agreement with Canada is right for the UK-EU partnership, instead there should be a "creative solution to a new economic relationship".

EU citizens in Victoria Tower Gardens

:: There is "no need to impose tariffs" where none currently exist.

:: Regulatory standards will be protected or strengthened as Britons do not want "shoddy goods, shoddy services, a poor environment or exploitative working practices".

:: An "appropriate mechanism" should be found to deal with disputes about the trading arrangements as it would not be appropriate for either the European Court of Justice or UK courts to have jurisdiction over the agreement.

:: A treaty would enshrine a "bold new strategic agreement" on security co-operation, taking in diplomacy, defence and development.

Theresa May
Prime Minister Theresa May delivers her speech in Florence (Jeff J Mitchell/PA)

:: An agreement on citizens' rights will be incorporated "fully into UK law" and British courts will be able to take into account European Court of Justice rulings to help ensure "consistent interpretation".