European Commission Brexit negotiator Barnier out on the wires 6 Dec
- time for negotiations is less than 2 years
- EU will be ready when Article 50 is triggered
- goal of all 27 member states is preserving EU unity
- non-EU members can never have same rights and benefits
I think we know that but another warning shot across the bows nonetheless.
- if Article 50 triggered by end-March 2017 sees agreement by Oct 2018
- no negotiations before notification
- cherry picking not an option on 4 indivisible freedoms
- up to UK to decide what new relationship it wants with EU
- Article 50 is very clear that there is a 2 year deadline for agreement
- all process of ratification must be completed by March 2019 but need agreement needed by Oct 2018
- can't do everything in 15-18 months of negotiations
- deal on future UK/EU relations would be legally different from withdrawal, can't be done at same time
- seeking orderly UK exit, neither soft or hard
Timely reminders and fair comment from Barnier. Notwithstanding current Supreme Court deliberations and possible subsequent timing consequences.
GBPUSD and EURGBP unfazed at 1.2757 and 0.844
