13/11/2017 - UK and EU at Cross Roads Over Brexit Bill

GBP

The European Union told Britain on Friday to outline  what it will pay Brussels for when it leaves the bloc in 2019 or face more delay in talks on future trade ties that are vital for British business.

European Union chief negotiator Michel Barnier also raised the prospect of Brexit talks failing to reach a breakthrough by the end of the year  stating the U.K. has two weeks to come up with a better offer on the financial settlement.

Barnier called for “real and sincere progress” on the three divorce issues, which include the separation bill, the rights of EU citizens and the Irish border, which has erupted back onto the agenda this week.

In response Brexit minister David Davis said on Sunday, the UK Government  will not offer a figure or a formula for how much it believes it owes the European Union, after the EU demanded that London spell out its approach to the final bill to unblock talks.

It has also been reported in a Sunday publication that forty members of the Conservative Party have agreed to sign a letter of no-confidence Prime Minister Theresa May. This figure currently stands 8 members short of the number needed to trigger a leadership contest.

With mounting discontent in the government and negotiations continuing to stall the pound is likely to come under increased selling pressure.

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