Pound drops as Brexit talks fail to progress

Pound drops as Brexit talks fail to progress

Michel Barnier said Thursday after the fifth round of talks in Brussels that despite the "constructive spirit" shown, "we haven't made any great steps forward".

Michel Barnier told a news conference to mark the end of a fifth round of negotiations between the United Kingdom and the European Union that progress was made in some issues but there was still "deadlock" over the so-called divorce bill.

Both sides have now given up on the United Kingdom making "sufficient progress" to move to trade talks by the European Council summit in October, with Mr Barnier suggesting the milestone could be reached by December with constructive effort on both sides.

'There have therefore been no negotiations on this subject. Useful discussions, but technical discussions.

He said uncertainty about Brexit is weighing on the economy, and "we need to remove it as soon as possible by making progress" in talks with Brussels.

"But today I can confirm that we want to reassure those European citizens living in the United Kingdom that their rights and status will be enshrined in UK law by the Withdrawal Agreement", Davis added.

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Hammond said it's conceivable "there will be no air traffic between the United Kingdom and the European Union on the 30th of March 2019, but I don't seriously think anybody believes that is where we will get to".

'On this question we have reached a state of deadlock which is very disturbing for thousands of project promoters in Europe and it's disturbing also for taxpayers'.

"The next step in this progress is the European Council in October and we would like them to give Michel the means to broaden the mandate".

The gridlock means that the EU's 27 remaining leaders will decide against starting discussions on a post-Brexit trade deal with the United Kingdom when they meet in Brussels next week, or on a transitional arrangement to cushion the impact of separation.

Hammond said the government is "planning for all scenarios including a no-deal scenario" in which divorce talks end without a deal on trade, security and other relations.

The pound is dropping after the European Union's Brexit negotiator said that no significant progress has been made in talks with Britain.

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