Advertisement
UK markets close in 6 hours 5 minutes
  • FTSE 100

    8,109.68
    +30.82 (+0.38%)
     
  • FTSE 250

    19,822.41
    +220.43 (+1.12%)
     
  • AIM

    755.97
    +2.85 (+0.38%)
     
  • GBP/EUR

    1.1659
    +0.0002 (+0.02%)
     
  • GBP/USD

    1.2515
    +0.0004 (+0.03%)
     
  • Bitcoin GBP

    51,503.19
    +305.44 (+0.60%)
     
  • CMC Crypto 200

    1,391.02
    -5.52 (-0.40%)
     
  • S&P 500

    5,048.42
    -23.21 (-0.46%)
     
  • DOW

    38,085.80
    -375.12 (-0.98%)
     
  • CRUDE OIL

    83.70
    +0.13 (+0.16%)
     
  • GOLD FUTURES

    2,363.50
    +21.00 (+0.90%)
     
  • NIKKEI 225

    37,934.76
    +306.28 (+0.81%)
     
  • HANG SENG

    17,651.15
    +366.61 (+2.12%)
     
  • DAX

    18,057.46
    +140.18 (+0.78%)
     
  • CAC 40

    8,040.29
    +23.64 (+0.29%)
     

Brexit talks to get under way in Brussels

The Brexit Secretary David Davis will lead a British team to Brussels later this morning to begin historic negotiations to remove the UK from the European Union.

Mr Davis and his team will hold meetings with their opposite numbers at the European Commission which is leading negotiations on behalf of the European Union member states.

Speaking ahead of the talks, Mr Davis said: "Today marks the start of negotiations that will shape the future of the European Union and the United Kingdom, and the lives of our citizens.

"We want both sides to emerge strong and prosperous, capable of projecting our shared European values, leading in the world, and demonstrating our resolve to protect the security of our citizens.

ADVERTISEMENT

"I want to reiterate at the outset of these talks that the UK will remain a committed partner and ally of our friends across the Continent. And while there is a long road ahead, our destination is clear - a deep and special partnership between the UK and the EU. A deal like no other in history."

The British team includes the Permanent Secretary at the Department for Exiting the European Union (DExEU) Olly Robbins, Phillip Rycroft, the department's Second Permanent Secretary and Simon Case, the newly appointed Director-General of the UK-EU Partnership. Mr Case was Principle Private Secretary to the Prime Minister before talking up this role.

Other officials around the table include Glyn Williams, Director-General at the Home Office, who will bring his expertise on immigration issues and Catherine Webb, a former treasury official, who is Director of Market Access at DExEU.

This first meeting will last just a day with a joint news conference expected by both Mr Davis and his opposite number Michel Barnier at the end of the day.

Sky News understands that the UK team has spent the weekend finalising their negotiating strategy which has been called into question following the unexpected election result.

Theresa May had called for voters in the election to choose her 'strong and stable leadership' to ensure that the UK had a strong hand in the Brexit negotiations. However, the shock result and loss of a Conservative majority has reopened the debate over what sort of Brexit Britain wants.

The EU's Chief Negotiator, Michel Barnier, spent the weekend mountain hiking near his home in the French Alps. In a tweet yesterday afternoon, he said: "Back this weekend in my countryside, Savoie, to draw the strength and energy that the long hike requires..."

Ever since the UK invoked Article 50 in March, triggering its formal intention to leave the EU, the European side has said it was ready to begin negotiations. However they were delayed to allow for the UK general election.

Three key issues will dominate the first phase of the talks.

They include the status and rights of EU citizens living in the UK and British citizens living in the EU, the financial commitments the EU expects Britain to pay as it leaves - the so-called 'exit bill', and the question over the border between Northern Ireland and the Republic of Ireland (Other OTC: IRLD - news) .

When Britain leaves the EU, the Irish border will become the EU's only land frontier with the UK.

If the UK opts for a Brexit in which it leaves the Single Market and the Customs Union, the Irish border would become a closed border unless negotiators can agree on creative solutions.

Once agreement has been made in this phase of the talks, the second phase discussing the future trade relationship can begin.

The EU side has said that this will only happen when 'sufficient progress' has been made on phase one and that they will determine the level of progress.

On Sunday, the International Trade Secretary, Liam Fox, flew to Washington DC on his first trade trip since the election.

Dr Fox is meeting a congressional delegation on Capitol Hill in an attempt to pave the way for a UK/US Free Trade agreement. The UK is unable to sign such deals while it remains a member of the EU but can explore options and develop ties.