UK’s Raab: Disappointed and surprised by the EU’s position on Brexit

Boris Johnson wearing a suit and tie Boris Johnson is insisting that he could still walk out on talks

Boris Johnson wearing a suit and tie Boris Johnson is insisting that he could still walk out on talks

But many economists say it would be devastating for British businesses, which are already struggling with huge economic hits from the coronavirus pandemic.

And given that they have refused to negotiate seriously for much of the last few months, and given that this summit appears explicitly to rule out a Canada-style deal, I have concluded that we should get ready for January 1 with arrangements that are more like Australia's based on simple principles of global free trade. "And we should do it with great confidence", he said.

The EU's chief negotiator Michel Barnier should only come to London for a meeting scheduled next week if he was willing to discuss details on travel and cargo haulage, the spokesman said on Friday. German chancellor Angela Merkel has said both sides would have to make concessions.

European leaders have demanded Britain give ground on fair trade rules to unblock stalled post-Brexit negotiations, angering London and putting the fate of the talks in jeopardy.

Goldman Sachs said there could be Brexit drama ahead but that a bare-bones Brexit trade deal was likely to struck by early November.

With businesses and markets increasingly jittery as the deadline nears, European Union leaders demanded Britain "make the necessary moves to make an agreement possible" and made a decision to step up contingency preparations for an abrupt split. "On Monday, we'll be in London for the full week, including the weekend if necessary", the EU's chief negotiator Michel Barnier said after addressing the leaders.

After demanding that London make further concessions for a deal, European Union diplomats and officials cast Johnson's move as little more than rhetoric, portraying it as a frantic bid to secure concessions before a last-minute deal was done.

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Sebastien Galy, a macro strategist at Nordea, said Johnson was "likely to call an end to negotiations with the European Union".

"The trade talks are over".

President Emmanuel Macron of France hinted at possible compromise on the thorny issue of fishing rights, saying he was open to finding a "good compromise" that would ensure access for French fishermen to United Kingdom waters. The two sides have been trying to strike a deal on trade and other relations before then, and say in practice it must be agreed by early next month if it is to be ratified by year's end.

Johnson had repeatedly asserted that his preference is for a deal but that Britain could make a success of a no-deal scenario, which would throw £900 billion ($1.5 trillion Cdn) bilateral trade into uncertainty and could snarl the border, turning the southeastern county of Kent into a vast truck park.

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"As far as I can see they have abandoned the idea of a free trade deal ..."

"They want the continued ability to control our legislative freedom, our fisheries, in a way that is obviously unacceptable to an independent country", Johnson said. Brussels in turn stresses that Britain's economy is far more integrated with the EU's than Canada's, and that its single market must be protected from British backsliding.

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