20/11/2017 - More Work Needed to Unlock Brexit Talks

GBP

Britain will submit its proposals on how to settle its financial obligations to the European Union before an EU Council meeting next month, finance minister Philip Hammond said on Sunday.

British Prime Minister Theresa May was told on Friday that there was more work to be done to unlock Brexit talks, as the European Union repeated an early December deadline for her to move on the divorce bill.

Last week, May met fellow leaders on the sidelines of an EU summit in Gothenburg, Sweden, to try to break the deadlock over how much Britain will pay on leaving the bloc in 16 months.

She signalled again that she would increase an initial offer that is estimated at some 20 billion euros (17.85 billion pounds), about a third of what Brussels wants.

EUR

Germany's three would-be coalition partners went deep into overtime in talks on Saturday as they sought enough common ground in climate and migration policy to form a government and stave off the prospect of a repeat election.

Incumbent chancellor Angela Merkel's only realistic hope of securing a fourth term after suffering losses in September's election is an awkward three-way conservative-liberal-Green alliance.

But after four weeks of talks, the parties remained far apart as they adjourned for the night. The biggest sticking points are climate change, where the Greens want emissions cuts that the other parties see as economically ruinous, and immigration, where Merkel's arch-conservative allies in Bavaria insist on stricter rules.

With the pro-business, tax-cutting Free Democrat (FDP) liberals freshly returned to parliament after four years in the wilderness, and the Greens out of office for 12 years, neither is keen to give ground.

A self-imposed deadline of Thursday for wrapping up exploratory talks and starting formal coalition negotiations passed without agreement, forcing the conservatives to promise further concessions on emissions cuts to the Greens.

Key Announcements

14.00 - EU: ECB President Mario Draghi Speaks