Theresa May demands global trade deals and access to Europe

Theresa May demands global trade deals and access to Europe

Theresa May demands global trade deals and access to Europe

The House of Commons will hold its eighth and final day of detailed scrutiny of the EU (Withdrawal) Bill, which would formally end Britain's membership of the bloc and transfer EU rules into British law.

Once agreed, negotiations can then move on to future relations for the longer term, with Britain hoping to complete a trade deal as early as possible.

The Governor added the Bank decided not to take a "glass half empty" view on the outcome of talks, despite warnings from Europe's chief Brexit negotiator Michel Barnier that Britain can not have a special deal for the City of London.

British Prime Minister Theresa May, who headed off a new parliamentary rebellion over Brexit as Barnier spoke, faces a fresh row over the proposed European Union timeline as she has called for a transition period that is three months longer.

He said that the deadline of December 31, 2020 was "logical" as it would avoid the complications derived from the United Kingdom still being subject to the bloc's rules and obligations once the EU's next multi-annual budget kicks in on January 1, 2021, Efe news reported.

Talks on a transition period are due to start in January after a green light from European Union ministers, with Britain hoping for an agreement on the main principles by March.

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He also revealed the Bank's plans are based on agreement being struck on a transition period by the end of the March next year.

Mr Barnier has delivered a series of slapdowns to British politicians in recent days, saying there is "no way" that the European Union will allow them to build their own trade deal or will give the City of London a special status.

The next phase comes as Barnier ruffled feathers in London yesterday with a warning that any ties after Brexit would inevitably result in Britain's financial companies losing full rights to trade across the bloc.

Last week May's fragility was exposed by the rebellion of 11 largely pro-European Conservative lawmakers in a parliamentary vote on Brexit legislation that led to an embarrassing defeat.

May has already accepted in theory the continued jurisdiction of the ECJ and that London will have no legal basis to conclude its own trade deals during the period. It said in a statement, "The FCA welcomes the progress that has been made and is supportive of open markets and free trade in financial services underpinned by strong regulatory standards".

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