UK Prime Minister Theresa May is set to announce that she will not “change tack” on Brexit, even after her proposals were rejected by European leaders, the BBC reported. The pound dropped on the news. May is expected to make a statement at 1.45pm in London, a day after EU leaders used a summit in Salzburg, Austria to tell her that her approach won’t work. May was left looking isolated after leaders told her to rework her plans, and set her a deadline of next month to come back with new ideas. The prime minister said in March she wouldn’t be "buffeted" by calls to walk away from talks, but as the tone of negotiations deteriorated on Thursday, she hinted that she might have changed her mind. She ruled out extending the negotiating timetable and said the country is also preparing for a no-deal outcome. Britain is due to leave the bloc in March next year, with or without a deal. If there’s no divorce agreement, there will be no transition — the two-year grace period designed to prevent ...

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