Daily Management Review

Brexit Talks Hit A 'Deadlock'; Sterling Slides


10/12/2017




Brexit Talks Hit A 'Deadlock'; Sterling Slides
After Brexit negotiators declared talks between the U.K. and the European Union had reached a deadlock there was a sharp drop in the value of the sterling.
 
For the session at 1:00 p.m. London time, the British currency was down 0.6 percent against the dollar.
 
In order to leave the bloc, the U.K. was once again not ready to detail the financial commitments it needs to make, Michel Barnier, the EU's chief negotiator said at the end of their fifth round of negotiations on the UK leaving the EU. "Therefore there have been no negotiations on this subject," Barnier said.
 
In order to settle the accounts, on citizens' rights and the Irish border, there needs to be an agreement on how much the U.K. will have to pay for that purpose before negotiations are able to move on to the much awaited trade talks. But since the U.K. officially declared its intention to leave the European Union, there has been no progress in the talks and negotiations for the latter and it seems to be the most contentious problem.
 
"On this question we've reached a state of deadlock which is very disturbing for thousands of project promoters in Europe and it's frustrating also for taxpayers," Barnier told reporters in Brussels.
 
However, Barnier hoped there will be positive developments within the next two months and he added that there had been progress in other areas which include citizens' rights.
 
"There is a new momentum and I remain convinced today, with the political will, decisive progress is within our grasp within the next two months," he said.
technical talks over the so-called exit bill had been worked out in a way that will allow for an agreement in the future and the talks were “rigorous”, said David Davis, the U.K.'s representative at the talks.
 
Even though both sides agreed at the start of talks to make citizens' rights, the exit bill and the Irish border their priorities before any trade arrangements, once again, the U.K. asked the EU to discuss their future relationship while negotiating the withdrawal.
 
"Our aim is to provide as much certainty as possible to business, citizens and the European Union," Davis told reporters, adding however that "to provide certainty, we must talk about the future."
 
(Source:www.cnbc.com) 






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