Published: Thu, October 12, 2017
Money | By Armando Alvarado

Brexit talks hit cash impasse, Barnier eyes move by Dec

Brexit talks hit cash impasse, Barnier eyes move by Dec

'On this question we have reached a state of deadlock which is very disturbing for thousands of project promoters in Europe and it's disturbing also for taxpayers'.

"Our aim is to provide as much certainty as possible to business, citizens and the European Union", Davis told reporters, adding however that "to provide certainty, we must talk about the future".

Hammond said it's conceivable "there will be no air traffic between the United Kingdom and the European Union on the 30th of March 2019, but I don't seriously think anybody believes that is where we will get to".

Mr Davis said: "I hope the member states will recognise the progress we've made and take a step forward in the spirit of the PM's Florence speech".

Mr Barnier expressed his determination to achieve "sufficient progress on the three divorce issues - citizens' rights, the Brexit bill and Ireland - in time for the December summit of the EU Council".

But Britain says these issues are closely intertwined with their future relations like trade and must be discussed together.

"The next step in this progress is the European Council in October and we would like them to give Michel the means to broaden the mandate".

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A worst-case Brexit scenario could see all air traffic between the United Kingdom and the European Union grounded the day after Britain leaves the bloc on 29 March, 2019, the country's Chancellor said on Wednesday (11 October).

A fifth round of negotiations broke up earlier in the day without major progress, fuelling fears that Britain will leave the bloc in March 2019 without an agreement to soften the blow.

Many businesses are anxious that Britain could leave the European Union without a trade deal in place, which would mean tariffs on United Kingdom goods entering, reams of red tape and chaos at ports.

However, Theresa May has held firm on her position that the United Kingdom will honour its commitments only once it secures assurances from Brussels over the breadth and nature of a future partnership.

"There have been.no negotiations on this subject".

The European Union said talks hit a wall over what the United Kingdom owes when it leaves, increasing the chances of a messy departure as time is running out to clinch a deal. But, Barnier warned, "no deal would be a very bad deal". Pro-Brexit lawmakers are urging May's government to set aside money for new customs posts and other infrastructure that would be needed in the event of no deal. "With David Davis, we will organise several negotiating meetings between now and the end of the year".

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