UK moves closer to no-deal Brexit

The Times reports that the UK sees just a 30 to 40 percent chance of Brexit trade deal before the end of the transition period.
calendar icon 4 September 2020
clock icon 5 minute read

The British exit followed more than three years of wrangling over an exit deal since the 2016 referendum that sent shockwaves through global financial markets. Since Brexit, talks on a new trade deal have so far made little headway.

Britain’s desire to use state aid to build up its technology sector means that Johnson's top ministers are unwilling to budge in negotiations on state aid, The Times said.

"Inside No 10, they now think there is only a 30 to 40 percent chance that there will be an agreement," James Forsyth, political editor of The Spectator, wrote in a column. "The sticking point isn’t fish — I’m told that there is a 'deal to be done' there — but state aid."

Talks on the trade deal are due to resume in London next week. The EU says Britain cannot retain all the economic and trading benefits it had as an EU member, while London says Brussels is not showing enough flexibility.

Failure to reach a trade deal would hammer financial markets as nearly a trillion dollars in trade, from car parts and medicines to lamb and fish, would be thrown into turmoil.

Read more about this story here.

The British exit followed more than three years of wrangling over an exit deal since the 2016 referendum that sent shockwaves through global financial markets. Since Brexit, talks on a new trade deal have so far made little headway.

Britain’s desire to use state aid to build up its technology sector means that Johnson's top ministers are unwilling to budge in negotiations on state aid, The Times said.

"Inside No 10, they now think there is only a 30 to 40 percent chance that there will be an agreement," James Forsyth, political editor of The Spectator, wrote in a column. "The sticking point isn’t fish — I’m told that there is a 'deal to be done' there — but state aid."

Talks on the trade deal are due to resume in London next week. The EU says Britain cannot retain all the economic and trading benefits it had as an EU member, while London says Brussels is not showing enough flexibility.

Failure to reach a trade deal would hammer financial markets as nearly a trillion dollars in trade, from car parts and medicines to lamb and fish, would be thrown into turmoil.

Read more about this story here.

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