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Brexit talks still have long way to go

The UK hits a wall at the Salzburg summit amid hopes for a breakthrough in Brexit negotiations.

Brexit talks still have long way to go as Salzburg summit turns sour

Donald Tusk struck a blow against Theresa May’s Chequers plan at the Salzburg summit yesterday.

The head of the European Council said the UK’s proposal on trade, customs and the Irish border “will not work” as “it risks undermining the single market”. Other EU leaders accused the British PM of cherry-picking from the “four freedoms” of the European Union: goods, services, capital and movement.

With the Brexit deadlock back, EU leaders have agreed to hold an extra Brexit summit on 17–18 November where the bloc and Britain would hope to finally seal a deal.

Away from Brexit, the Dollar has been struggling all week and finds itself near a 2.5-month low against a basket of peer currencies. Concerns over escalating US-Chinese trade tensions were alleviated by Beijing’s announcement it will not engage in competitive currency devaluation, giving hope of a more moderate outcome.

Meanwhile, UK retail sales data released yesterday showed that the British consumer has more to spend. Having dropped from 3.8 per cent in July to 3.3 per cent in August, the figures still beat forecasts thanks to England’s success in the World Cup in June and the scorching British summer.

 

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