Published: Sat, February 10, 2018
Markets | By Noel Gibbs

EU's Barnier warns Britain post-Brexit transition "not a given"

EU's Barnier warns Britain post-Brexit transition

"They don't wish to extend these rights to citizens who will arrive during the transition period", Barnier said.

The document speculates that Northern Ireland's GDP could take a 12% hit in the event of a "no deal" Brexit.

In a warning after the shock 2016 Brexit vote, Japan expressed fears about a cliff edge that could disrupt trade when Britain formally leaves the bloc in March 2019.

A Wearside MP has warned that leaving the EU's customs union will mean 'massive job losses'.

The budget carrier is based at Luton Airport, which lies to the north of the British capital.

Mr Coveney said there was no uncertainty over what had been agreed on the border.

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Britain's Brexit negotiator David Davis said he was "surprised" at Barnier's comments.

"I encourage Best for Britain, and all those keen to play their part in the Brexit debate, to be open and honest about what they stand for, whom they represent and by whom they are funded".

BoE Deputy Governor Ben Broadbent said on Friday he did not think a couple of interest rate hikes within a year should come as a great shock, though he also added that the central bank had not fixed any path for tightening policy. "They themselves asked for this transition period".

Mr Tsuruoka said firms were "enjoying operations in the UK" and wanted to stay, but said decisions about their future depended on the ultimate Brexit deal.

Barnier also made clear Britain had to sort out all the outstanding issues related to its exit from the bloc - including ties with Euratom and privacy laws, among others - in order to be given a transition period after it leaves the European Union, which is now due to happen next March.

Earlier this week his counterpart, Brexit minister David Davis, criticised Brussels for adding "good faith" clauses to the transition period negotiating mandate.

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He insisted in response to British criticism that "there was no trace in my attitude of any lack of courtesy or an attempt to punish the UK".

Mr Davis was responding to a draft European Union paper that suggested suspending Britain's access to the single market in the event of a dispute between the two sides during the transition. The official also pointed out that the 39 billion-pound financial settlement would be off the table without an agreement, predicting that the European Union is talking tough now and would eventually give ground.

However, Barnier said it was "important to tell the truth" that if the United Kingdom decides to leave the single market and the customs union border checks would be "unavoidable".

SIPO said the donation was in violation of the 1997 Electoral Act, which bars foreign organizations from giving donations of more than $100 for "political purposes".

Senior EU figures have told Reuters Britain will not be ready to make a full break from the by the end of 2020 as transition plans foresee and the bloc is bracing for a much longer goodbye.

The strategy document is alleged to have concluded that the movement "must then win the meaningful vote" that Prime Minister Theresa May has pledged on the final Brexit deal and if she loses that vote, "it is likely to trigger a new referendum, or election".

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