Barnier’s Remit to Be Limited to Divorce Not Trade

March 29, 2017 Share Print 0

European Council President Donald Tusk’s guidelines for Brexit chief Michel Barnier will probably limit the scope of the upcoming talks to the terms of the divorce and not include a future trade relationship with the U.K, three people familiar with the matter said.

Tusk is set to publish draft guidelines for Barnier by the end of this week after U.K. Prime Minister Theresa May formally requests the split on Wednesday. His current stance would be a blow to the U.K. which wants to discuss the breakup and future ties in tandem to preserve bargaining power and support at home. The people asked not to be named as plans haven’t been finalized yet.

EU officials have repeatedly said they want Britain to agree an exit fee of about 50 billion pounds ($62 billion) before they turn to the sweeping trade deal May is seeking.

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Craig Erlam

Senior Market Analyst, UK & EMEA at OANDA

Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary. His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News. Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.