|

UK PM May putting pressure on Brexiteer ministers - The UK Times

As reported by The UK Times, UK Prime Minister Theresa May has begun to apply pressure to Brexiteer ministers within the parliament, as the odds of a successful deal with the EU leadership in Brussels are beginning to look grim.

Key quotes

"Theresa May’s chief Brexit negotiator has told ministers that they have no chance of striking a bespoke trade deal with the European Union. Oliver Robbins briefed secretaries of state before their meeting at Chequers on Friday that they had to be realistic about what could be achieved.

He is understood to have painted a bleak picture of the state of negotiations, telling them that Michel Barnier, his EU counterpart, was under no pressure from European leaders to soften his tough stance even though Mrs May had asked them to intervene.

One government figure said that the clear message had been that ministers may end up having to choose between a Norway-style deal in which Britain remains in the single market but has to accept EU rules, or pursuing a simple free-trade agreement that is strongly opposed by business.

“I came out of the meeting and thought we were even more screwed than we were before,” the source said. “I was surprised he admitted how bad it was. If I had to gauge where we are, I would say Downing Street moving towards the Norwegian model.”

"Mr Robbins is understood to have made clear during the meetings with ministers that he sees little chance of the EU agreeing to the type of trade deal that would allow British companies to have privileged access outside the terms of the single market. He said that the EU’s public pronouncements that the UK will have to choose between existing models of access reflected its private stance.

At last week’s European summit EU leaders dismissed suggestions that Britain could remain in the single market for goods while leaving it for services and freedom of movement."

Author

Joshua Gibson

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

More from Joshua Gibson
Share:

Editor's Picks

USD/JPY eyes August swing low, near 155.20 ahead of US NFP

USD/JPY retests the August monthly swing low during the Asian session on Friday as a more hawkish repricing of BoJ rate-hike bets and a suspected intervention continue to underpin the Japanese Yen. Meanwhile, the US Dollar is seen consolidating the previous day's heavy losses amid soft US bond yields, further weighing on the currency pair as traders keenly await the US NFP report.

AUD/USD consolidates above 0.7200; US NFP awaited

AUD/USD holds steady above 0.7200, near its highest level since mid-May, as bulls await the US NFP report for more cues on the Fed's policy path before placing fresh bets. Meanwhile, the recent decline in US bond yields keeps the US Dollar depressed near its lowest level in over a week and acts as a tailwind for the Aussie amid the RBA's hawkish tilt.

Gold tumbles as blockbuster US NFP lift US Dollar, Treasury yields

Gold (XAU/USD) falls sharply on Friday, snapping a two-day recovery after the US Nonfarm Payrolls (NFP) report surprised strongly to the upside. The metal briefly climbed above $4,500 on Thursday, gaining nearly 2%, but has since erased a large part of that advance.

Crypto’s $638 million buyback boom may not be as bullish as it looks
Decentralized Finance (DeFi) protocols reportedly spent $638 million to buy back their native tokens in August, up 17% from a year earlier. On the surface, the buyback trend suggests the cryptocurrency industry is maturing fast, adopting one of Wall Street’s oldest tools to bolster valuations and distribute revenue. The headline becomes less impressive once the number is opened up.
Why hawkish Bank of Japan expectations aren't enough to sustain the Japanese Yen rally

The Japanese Yen (JPY) experienced a sudden burst higher after falling back below the 160.00 psychological mark against the US Dollar (USD) earlier this week amid a more hawkish repricing of Bank of Japan (BoJ) rate hike expectations.

Diesel’s record $100 warning: The oil shock hiding in plain sight

The Oil market may look calmer than it did a few months ago, but diesel is sending a very different message. The US diesel crack spread, the premium of ultra-low sulphur diesel futures over WTI, recently surged above $100 per barrel for the first time, reaching an intraday record of just over $102.00.