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EU's Barnier and Verhofstadt are out to punish Britain

20 Juillet 2017

He also called for more clarity on the British position on the financial settlement and on the Irish border.

Morgan Stanley has picked Frankfurt as its temporary hub in the European Union once Brexit takes effect, a person familiar with the situation said Wednesday.

The EU estimates that Britain owes a net amount of 100 billion euros, a sum London has dismissed as "extortionate". "An orderly withdrawal means accounts must be settled", he added.

The EU has said it wants to see "sufficient progress" on these priority issues-the divorce bill, citizens rights, Northern Ireland and other separation issues-to start discussions on a future trade agreement with the U.K. Mr. Barnier has said he hopes to say that threshold has been met in October.

While voters in England and Wales backed "Leave", a majority in Scotland and Northern Ireland voted to remain in the European Union, adding to strains between the consituent nations of the U.K. British Prime Minister Theresa May, a supporter of European Union membership who won power in the turmoil following the shock referendum result, has vowed to implement Brexit, though her strategy is the subject of public debate by her own ministers.

Trade became a major issue during the Brexit campaign when U.S. President Barack Obama, Trump's Democratic predecessor, said Britain would go to "the back of the queue" for a deal if it voted to leave.

Davis was due to host Barnier later Thursday at the British ambassador's residence in Brussels to discuss the progress of the negotiations over a meal of Scottish scallops followed by lamb, a British official said.

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One problem stood out, though.

The court was a key issue during the 2016 referendum campaign, with "leave" campaigners arguing that the primary role of the European court over national courts represented a substantial loss of sovereignty.

"Quite frankly", he said, "any reference to European rights imply their oversight by the court of justice of the European Union".

Negotiations are set to run through the summer.

The Brexit Secretary was rounded on by opposition parties for leaving the four-day talks on Monday and for being photographed without any papers at the meeting, while Mr Barnier and his team had stacks of notes in front of them on the table.

The negotiations appeared to run to a standstill after only 24 hours of resuming in Brussels, over the controversial "divorce bill", which the European Union argues Britain has to pay following the decision to leave in 2016.

Mr Walker said the United Kingdom needed "as many tools as are available" to counter threats from overseas, although he insisted Britain would still work with allies within the EU.

EU's Barnier and Verhofstadt are out to punish Britain