Brexit battle lines drawn as UK readies divorce papers - Reuters
|According to the latest wires, via Reuters, Prime Minister Theresa May says she will file Britain's divorce papers this month. The stage has been set and the future of 65 million Britons and citizens of the other 27 EU states is about to change for the generations to come.
Key Highlights:
•The EU-27 face politically loaded decisions at a summit expected in April that could set out: what London must settle first - potentially an "exit bill" worth tens of billions of euros; what it must wait for - say talks on a UK-EU free trade deal; and how negotiations will be structured.
•Some see poorer eastern European states, already at odds with the rich powers on various other issues, as particularly vulnerable to London courting them with money - Brexit will blow a hole in the EU's subsidy budget.
•Michel Barnier noted two relevant areas to discuss, one area is what Britain owes - not a final number but how it will be calculated come 2019. Other EU nations want it to pay its share of spending commitments agreed when it was a member. The second area is what rights, of residence, welfare and so on, Britons now living in the EU and Europeans living in Britain may retain after Brexit.
Meanwhile, the GBP/USD pair navigates bearish waters as the cable subjugated to the US dollar and, as of writing, breaks below its 50-DMA and 100-DMA near 1.2320.
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