Key leaders in UK economy argue for cooperative Brexit talks
Key leaders in UK economy argue for cooperative Brexit talks
GETTY- STOCK IMAGEThe Brexit negotiations will begin today
23 June, 2017, 04:54
A terms-of-reference document agreed by the EU's Michel Barnier and Britain'sDavid Davis said further talks would be held in the weeks starting on July 17, Aug 28, Sept 18 and Oct 9.
The U.K. will have to remain subject to the oversight of European Union judges if it wants a bridging arrangement to smooth its exit from the bloc, EU chief Brexit negotiator Michel Barnier said. Back in May - the month - before her disastrous general election result, May and her government were adamant that a trade deal would be discussed before a divorce settlement. Anxious by immigration and loss of sovereignty, Britain voted a year ago to end its four-decades-old membership of the 28-country bloc - the first state ever to do so - in a shock referendum result.
On day one of 730, Prime Minister Theresa May's government gave in to European Union demands to discuss divorce terms first before even considering any discussion on any future trade deal. However, Hammond made a point of acknowledging the concerns of other European Union countries about their oversight of financial markets which are vital to their economies but will be outside the bloc.
The CBI on Monday was one of five major British business bodies that called in a letter to the government for continued access to the European single market until a Brexit agreement has been sealed.
"I think it was recognition by all sides that the clock is ticking and we do really need to push on with this now and start to make positive strides toward getting a deal that is in both sides' interests".
He also signalled the United Kingdom would try to maintain the "frictionless" border arrangements of the EU's customs union for an "implementation period" after leaving.
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Diplomatic relations will remain in tact and commercial air and sea links will be exempted from the new restrictions . It also regretted "a reversal in relations between the two countries".
Speaking to the BBC's "Andrew Marr show", Mr Hammond said: "No deal would be a very, very bad outcome for Britain, but there is a possible worse outcome and that is a deal that is deliberately structured to suck the lifeblood out of our economy over a period of time".
The government said that it is seeking an agreement "like no other in history" even as the country had got into hard negotiation terms over the issue.
According to Bloomberg, Soros said: "We are fast approaching the tipping point that characterises all unsustainable economic developments".
Adding to the complexity is Britain's current political situation, as May lost her Conservative majority in parliament after a snap election, sparking wide criticism of her leadership and worries about how long May and her cabinet would stay in power.
Barnier has warned that the negotiations must be wrapped up by October 2018 to allow time for all parties to ratify a final accord by March 2019.
A problem for British negotiators is to resolve what trade relationship they want.
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