We’d forgotten about it too. But Brexit is back. Talks are reaching a crucial stage as the transition period deadline quickly approaches on 31st December.
Michael Barnier, the EU’s chief negotiator, is currently in London, but leading news outlets have described the situation as very tenuous.
Despite the news, markets remained buoyant this morning with the FTSE up 44 points to 6534 as of Friday lunchtime.
Detrimental effects are expected to the UK market if a deal cannot be reached by the 31st December with the EU. If a deal is not brokered, then trading will continue under World Trade Organization rules. This will begin a new era in UK-EU trade with tariffs charged on any goods exchanged between the two.
Whilst both sides parley for a better deal amid seemingly non-existent compromise, France, via Clément Beaune have threatened to oppose anything non-beneficial to themselves or their partners.
“We have always been transparent about our interests, the Brits less” – Clément Beaune, European Affairs Minster for France
A Downing Street spokesperson has pointed to the significant interest in UK “sovereignty” as a potential breaking point for the talks whilst admitting worries that time is running out.
“Sovereignty” was later explained to mean border control, trade control and fishing territory”.
Meanwhile, the EU is mainly concerned with the UK maintaining EU approved environmental and social standards.
Whilst jockeying continues over the post-Brexit lie of the land, what is clear is that the risk of no-deal, is more apparent than ever, as both sides jostle for standing at the negotiation table.
Words by William Murray | Subbed by Sam Tabahriti