Published: Sat, March 10, 2018
Business | By Kate Woods

Ashton Whiteley - EU Rejects Open Market Access for UK

Ashton Whiteley - EU Rejects Open Market Access for UK

The European Council President has warned that a "pick and mix" approach to Brexit is out of the question, as he unveiled the EU Parliament's latest draft guidelines for the bloc's future relationship with the UK.

Mr Johnson also said leaving the European Union without a Brexit deal holds no terrors for the United Kingdom, which would do "very well" on World Trade Organization terms.

At the same time, the British Prime Minister Theresa May has already made a request for a trade agreement including financial services that allows London to remain closely related to the European Union, albeit only in some areas of the free market.

In a statement on the guidelines, Tusk said: "Therefore, it should come as no surprise that the only remaining possible model is a free trade agreement". It offers a deal that's barely better than the one struck with Canada, which restricts services cooperation.

"I don't think this will happen but if we have to come out on WTO terms then we will be prepared to do so", Johnson said.

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Hammond's speech came hours after the European Union flatly rejected Theresa May's approach to Brexit negotiations, publishing guidelines which said only a basic free-trade agreement was possible if the government sticks to its "red lines". "In fact, this will be the first FTA in history that loosens economic ties, instead of strengthening them", the former Polish premier added.

Tusk called for the early signing of an air transport agreement to ensure that air links between Britain and the continent are not threatened.

European Trade Commissioner Cecilia Malmstrom said on Thursday that the European Union was a close ally of the United States and should be exempt from impending USA metals tariffs.

A free trade deal is likely to lead to cross-border customs and environmental health standard border checks on EU-UK trade being introduced, which is predominately carried on roll-on roll-off ferry port routes.

With just over a year left until Britain is due to leave the European Union, opponents of Brexit are exploring ways to stop what they call Britain's biggest mistake since World War Two.

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"I am clear not only that it is possible to include Financial Services within a trade deal but that it is very much in our mutual interest to do so", he is expected to say.

An agreement on customs will be needed: May refers to two proposals already put to the EU.

Though Britain is due to leave the European Union in March 2019, there is still uncertainty over how it will do so and what relationship it will have with what is its biggest trading partner.

"The reality on the ground today is that firms can't make their next move until they know what the state of play will be from March 2019", said Cherry.

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