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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."

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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.

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