UK and EU not confident of October Brexit deadline

August 29, 2018 Share Print 0

The U.K. and the European Union still say in public they want a Brexit deal wrapped up in the next seven weeks. Behind the scenes, though, senior officials on both sides admit this is unlikely.

They now aim to finalize divorce terms by the middle of November at the latest, according to people familiar with the British and European positions, who spoke on condition of anonymity as the discussions are private.

The longer timeframe is another indication that negotiators are struggling to make headway, and the risk is that the closer talks run to the U.K.’s exit on March 29, the greater the chance that there won’t be a deal. The EU summit beginning Oct. 18 had been earmarked as the deadline, after earlier hopes of resolving the divorce by June faded away.

Bloomberg

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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.