EU’S Barnier Confirms No-Deal Brexit, As of Now

Posted Thursday, July 23, 2020 by
Skerdian Meta • 1 min read

A while ago we posted a forex piece, updating about the bearish situation building up for the GBP, as the Bank of England wan’t feeling particularly hawkish about the UK economy, as the country reopens. The UK chief Brxit negotiator Frost wasn’t offering anything either, regarding the UK-EU trade deal, even as the deadline approaches. Now, the EU chief Brexit negotiator Michel Barnier is confirming that there is no light at the end of the tunnel just yet. Below are his comments, which should keep the GBP bearish:

EU chief Brexit negotiator Barnier

  • We are still far away in negotiations with the UK
  • There was no progress on level playing field, fisheries
  • The past few weeks, UK has not shown readiness to find solutions
  • We are still far away from a deal with the UK
  • There is objective risk of a no-deal Brexit outcome
  • We are willing to negotiate to the last moment
  • Neither UK nor EU has considered abandoning talks
That basically sums up the situation. Both sides are still not budging as they would much rather maintain their red lines until crunch time later in the year. Even then, we may not necessarily see any form of compromise whatsoever.

Senior UK official on Brexit

  • This is a normal negotiation, progress so far as a genuine
  • Expects talks to continue in 2nd half of August and into September
  • There is no formal cut off date for talks
  • Question now is whether EU can adapt its position
  • Clear EU have understood presence of EC J in a deal is a nonstarter
  • Puzzled by Barnier’s comments calling for UK to publish state aid policy
  • We are equally close to breakthrough and breakdown in negotiations
  • We have made big moves toward EU position on structure a possible agreement
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