Davis Warns UK Will Walk Away if Provoked

Brexit Secretary David Davis flatly rejected a reported bill of as much as 100 billion euros ($109 billion) from the European Union, and threatened to walk away from the bloc without a deal if provoked.

Britain would have no obligation to pay a Brexit bill if it leaves the EU without an accord, Davis said on BBC Radio 4’s “Today” program on Wednesday. While “nobody is looking for that outcome” since the goal is to reach an agreement with the EU, “we have to maintain the alternative option” of walking away, he said.

The threat illustrates the escalating rhetoric between London and Brussels before talks to leave the bloc even begin. Prime Minister Theresa May vowed on Tuesday she wouldn’t be pushed about in the talks, saying that European Commission President Jean-Claude Juncker is learning she can be “bloody difficult.” Those comments were prompted by leaked details of a dinner meeting between the leaders which alleged that Juncker was shocked by her approach to negotiating Brexit.


No Shortage of Economic Events on Wednesday

UP Down Turnaround

Fed to Hold as Trump Cuts Loose

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Craig Erlam

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.
Craig Erlam
Craig Erlam

Latest posts by Craig Erlam (see all)