World News

Continued EU court oversight means no Brexit, says former United Kingdom minister

Continued EU court oversight means no Brexit, says former United Kingdom minister

British Prime Minister Theresa May hopes to break the Brexit talks deadlock on Monday with a new offer on divorce settlements at a crunch meeting with European Union officials, but she has not yet achieved "sufficient progress" on the Irish border - one of three issues that must be resolved.

"Regulatory alignment is not harmonization, it's a question of ensuring similar outcomes in areas where we want to have trade", Davis told lawmakers in London on Tuesday.

He said that he would need "more detail" on the proposal though and so would not "dismiss it out of hand".

"I sense that we're moving towards a sign-off that will enable the United Kingdom to move into trade talks and that's only going to be a good thing for the pound". He said that "there should have been more clarity", adding that "the prime minister has got a lot of talking to do to Arlene Foster [DUP leader] today".

Against the euro, the pound climbed 0.8 percent on the day to a 87.68 pence, up from 88.17 pence.

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"Despite our best efforts.it was not possible to reach a complete agreement today", Juncker said at a joint news conference with May, adding that she was a "tough negotiator".

Against the Bank of England's trade-weighted basket, though, sterling slipped to 78.8 from an earlier peak of 79.0 - its highest since mid-May. But the issues of the rights of expatriate citizens and the UK-EU border on the island of Ireland (Other OTC: IRLD - news) remain fraught, diplomats say.

Junker and May spoke after government sources in Dublin said Britain had agreed to keep Northern Ireland "aligned" to European Union regulations to avoid a "hard border" with the Irish Republic - news that had sent the pound higher on hopes of rapid trade talks.

A Reuters poll last week found economists believe the chance of a "disorderly Brexit" - where no deal has been reached when the two years of talks are scheduled to close in March 2019 - has declined over the past month.


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