EU Wins Early Battle in Brexit Negotiations

June 20, 2017 Share Print 0

The U.K. lost its first battle with the European Union over the timetable for Brexit talks as the bloc’s chief negotiator warned that the consequences of leaving will be “substantial.”

On day one of the negotiations, Prime Minister Theresa May’s government gave in to EU demands to discuss the terms of its divorce — including the exit fee — before any consideration can begin on the future trade deal Britain wants with Europe’s common market.

The EU’s chief negotiator, Michel Barnier, bluntly warned that such an accord would not be fleshed out until after the U.K. leaves in less than two years. It was a clear rebuff to May’s stated ambition of wrapping up a new free trade agreement quickly.

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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.