According to reporting by The UK Telegraph, EU leaders in Brussels run the risk of violating its own laws if it refuses to make any compromises in Brexit negotiations, as warned by ministers involved in the trade negotiations.
Key quotes
"Senior Whitehall sources said last night that if the UK crashes out of Europe without a deal “we will make it clear whose fault it was”. The EU “keeps stalling” and bringing the prospect of no deal ever closer, they say, even though the Lisbon Treaty requires it to do everything it can to find a workable arrangement with Britain.
Meanwhile David Davis, the former Brexit Secretary, warned Brussels it will be making a “massive miscalculation” if it thinks Britain is not ready to walk away without a deal. It came after Liam Fox, the International Trade Secretary, said a no deal Brexit was now a “60-40” probability because of the “intransigence” of the European Commission.
Dr Fox said the "theological obsession of the unelected" in Brussels was standing in the way of a deal being agreed because it was taking "priority over the economic wellbeing of the people of Europe". Downing Street insisted that Theresa May was still “confident” of getting a good deal,but there was no attempt to rebuke Dr Fox for his comments.
A senior Whitehall source said: “We have made an offer that some people think is on the generous side and the EU has to know we are not kidding. “If they don’t like our offer they need to come back and say what the alternative is, but they can’t just keep stalling. “They also need to accept that we’ve done nothing wrong. We left under the terms of the Lisbon Treaty, which says they have obligations to help us.
David Davis said: “The Lisbon Treaty requires them to come up with a workable arrangement and that’s certainly not the description of their behaviour at the moment.” He told The Daily Telegraph there was a danger of a no deal Brexit happening because of a “misjudgement” by the EU that the UK Parliament will do anything to secure a deal, reminding his former opposite number Michel Barnier that EU member states have more to lose from a no deal Brexit than the UK."
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
GBP/USD stays below 1.2450 after UK employment data
GBP/USD trades marginally lower on the day below 1.2450 in the early European session on Tuesday. The data from the UK showed that the ILO Unemployment Rate in February rose to 4.2% from 4%, weighing on Pound Sterling.
EUR/USD steadies above 1.0600, awaits German ZEW and Powell speech
EUR/USD is holding above 1.0600 in the European morning on Tuesday, having hit fresh five-month lows. The pair draws support from sluggish US Treasury bond yields but the rebound appears capped amid a stronger US Dollar and risk-aversion. Germany's ZEW survey and Powell awaited.
Gold price holds steady below $2,400 mark, bullish potential seems intact
Gold price oscillates in a narrow band on Tuesday and remains close to the all-time peak. The worsening Middle East crisis weighs on investors’ sentiment and benefits the metal. Reduced Fed rate cut bets lift the USD to a fresh YTD top and cap gains for the XAU/USD.
SOL primed for a breakout as it completes a rounding bottom pattern
Solana price has conformed to the broader market crash, following in the steps of Bitcoin price that remains in the red below the $65,000 threshold. For SOL, however, the sensational altcoin could have a big move in store.
Key economic and earnings releases to watch
The market’s focus may be on geopolitical issues at the start of this week, but there is a large amount of economic data and more earnings releases to digest in the coming days.