UK markets close in 4 hours 3 minutes
  • FTSE 100

    6,664.77
    -50.65 (-0.75%)
     
  • FTSE 250

    20,594.39
    -199.33 (-0.96%)
     
  • AIM

    1,192.03
    -6.06 (-0.51%)
     
  • GBP/EUR

    1.1233
    -0.0048 (-0.42%)
     
  • GBP/USD

    1.3673
    -0.0058 (-0.42%)
     
  • BTC-GBP

    23,154.90
    +950.36 (+4.28%)
     
  • CMC Crypto 200

    629.86
    +19.87 (+3.26%)
     
  • S&P 500

    3,853.07
    +1.22 (+0.03%)
     
  • DOW

    31,176.01
    -12.37 (-0.04%)
     
  • CRUDE OIL

    51.86
    -1.27 (-2.39%)
     
  • GOLD FUTURES

    1,848.20
    -17.70 (-0.95%)
     
  • NIKKEI 225

    28,631.45
    -125.41 (-0.44%)
     
  • HANG SENG

    29,447.85
    -479.91 (-1.60%)
     
  • DAX

    13,797.95
    -108.72 (-0.78%)
     
  • CAC 40

    5,529.31
    -61.48 (-1.10%)
     

No 10 says Brexit trade talks at ‘very difficult point’

Patrick Daly, PA Political Correspondent
·3-min read

Downing Street has said the Brexit trade talks are at a “very difficult point” and warned that time is ticking if a deal is to be struck.

A spokesman for the Prime Minister told reporters: “Time is in very short supply and we are at a very difficult point in the talks.”

Negotiations dragged on until 11pm on Thursday, Number 10 confirmed, as both sides look to hammer out a deal.

Both No 10 and the European Commission declined to confirm whether talks are likely to continue into the weekend after reports surfaced that the European Union’s chief negotiator Michel Barnier would remain in London, having initially planned to travel back to Brussels on Friday.

Despite optimism in the week that the prospect of a deal was on the horizon, progress appeared to stall on Thursday, with a senior UK Government source claiming Brussels was calling for fresh concessions at the 11th hour and that the prospect of an agreement was “receding”.

Speaking on Friday, a spokesman for Boris Johnson said: “We are committed to working hard to try and reach an agreement with the EU and the talks are ongoing.

“There are still some issues to overcome. Time is in very short supply and we are at a very difficult point in the talks.

“What is certain is we will not be able to agree a deal that doesn’t respect our fundamental principles on sovereignty, fishing and control.

“Our negotiating team is working extremely hard in order to bridge the gaps that remain.”

Mr Barnier and Lord Frost, the UK’s lead negotiator, are both personally involved in Friday’s discussions, Downing Street said.

The comments come after Business Secretary Alok Sharma told broadcasters there were “a number of tricky issues” still outstanding.

Fishing and the so-called “level playing field” aimed at preventing unfair competition on state subsidies and standards remain the main issues to be resolved in the talks.

And with the Brexit transition period due to end on December 31, there is little time left to get a deal agreed by negotiators and approved by the EU’s leaders, Westminster and the European Parliament.

European Commission spokesman Eric Mamer, asked for an update on fishing rights, told reporters in Brussels: “Today is still a day for negotiations, they are ongoing, so we can’t make any comments on the contents of what is being discussed.”

In an indication of the intensity of the discussions, Mr Barnier opted to postpone a meeting with delegates from the EU’s 27 member states in order to focus on the negotiations.

Sebastian Fischer, a spokesman for the group, tweeted: “There will be no #COREPER on EU-UK talks today due to the ongoing intensive negotiations in London. Keep your fingers crossed and stay tuned!”