ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • MSME Summit
  • Trending News
    • Viral News
    • Travel
    • People
    • Entertainment
    • Sports
  • More ...
    • VIDEOS
    • PHOTOS
BREAKING NEWS
  • No more work from home for this tech giant employees, sets September 5 as deadline - details
  • Good news for government employees of THIS state - DA hiked by 3% - details
  • Mumbai gets 10 more AC local trains - check timings, full schedule and route
  • No more work from home for this tech giant employees, sets September 5 as deadline - details
  • Go Digit General Insurance IPO coming soon: Fairfax-backed firm files IPO papers with Sebi
Read in App
Business News » Companies News

Talk of a ''no deal'' Brexit grows as deadline looms

Talk of a chaotic British split from the European Union grew on Tuesday with just three weeks left to break a deadlock in trade deal negotiations, with UK Prime Minister Boris Johnson warning that the two sides may have to accept "no deal".

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App

Talk of a chaotic British split from the European Union grew on Tuesday with just three weeks left to break a deadlock in trade deal negotiations, with UK Prime Minister Boris Johnson warning that the two sides may have to accept "no deal".

The EU`s chief negotiator, Michel Barnier, told a meeting of the bloc`s ministers that he believed a no-deal scenario at the end of the year was now more likely than an agreement on trade ties, an EU official and two diplomats told Reuters.

Deepening the gloom, Irish Prime Minister Micheal Martin said that unless there was a breakthrough "in the next day or two", EU leaders meeting in Brussels on Thursday and Friday would have to discuss contingency plans for the economic disruption a rupture with no trade accord would bring.

"Unfortunately we are facing the prospect of a no-deal Brexit if something doesn`t break that in the next day or two," Martin told parliament in Dublin.

Johnson will meet Ursula von der Leyen, president of the EU`s executive European Commission, for dinner in Brussels on Wednesday to try and close gaps their negotiators have struggled with for months.

But the language on both sides has hardened, and both have called on the other to compromise ahead of a meeting that is widely seen as a last throw of the dice.

Britain formally left the EU in January, but has since been in a transition period during which it remains in the EU single market and customs union, meaning that rules on trade, travel and business have stayed the same.

That all ends on Dec. 31, and if by then there is no agreement to protect around $1 trillion in annual trade from tariffs and quotas, businesses on both sides would be hit hard.

Asked whether he would try until the last possible moment to do a deal on trade, Johnson told reporters: "Yeah of course."

"We`re always hopeful but you know there may come a moment when we have to acknowledge that it`s time to draw stumps and that`s just the way it is," said Johnson, using a cricketing term for the end of play.

"We will prosper mightily under any version and if we have to go for an Australian solution then that`s fine too."

Australia has no free trade deal with the EU, and so the bulk of its trade is on basic World Trade Organization terms.

RAY OF HOPE?

In a sign of some movement in parallel talks on implementing an earlier treaty on Britain`s withdrawal - not the terms of future trade - the two sides said they had reached agreement on arrangements for the Ireland-Northern Ireland border.

As a result, Britain said it would remove clauses in legislation that were in breach of the exit treaty.

The Irish government welcomed the deal, which avoids the need for a hard border on the only land frontier between the EU and the United Kingdom. Northern Ireland, a British province, in effect stays in the EU customs union and single market for goods when the rest of the United Kingdom leaves fully.

"Hopefully this is a signal that the British government is in deal-making mood," Irish Foreign Minister Simon Coveney told RTE news.

The sticking points in trade talks have been over fishing rights in British waters, ensuring fair competition for companies on either side, and ways to solve future disputes.

With little sign that positions are narrowing - officials said talks had, if anything, gone backwards on Monday - the European Commission said discussions could continue after the end of this year. Britain has repeatedly ruled this out.

The story has been taken from a news agency

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Brexit
Updated: Wed, Dec 09, 2020
08:16 am
Reuters
RELATED NEWS
Britain ditches threat to break EU exit treaty: From What is the deal, changes, to what happens - Explained in brief Britain ditches threat to break EU exit treaty: From What is the deal, changes, to what happens - Explained in brief
EU and Britain far apart as key week of Brexit talks begins EU and Britain far apart as key week of Brexit talks begins
European Union, Britain clash over a post-Brexit trade deal European Union, Britain clash over a post-Brexit trade deal
Sovereignty comes first: Britain lays out tough stance for EU trade talks Sovereignty comes first: Britain lays out tough stance for EU trade talks
Gold price prediction: US-China trade talks, BREXIT deal hold the key - What experts say Gold price prediction: US-China trade talks, BREXIT deal hold the key - What experts say

LATEST NEWS

Vivo V25 Pro price in India starts at Rs 35,999 - Offers, specifications and availability

Ashok Leyland announces merger of Hinduja Leyland Finance with NXTDIGITAL: What it means for shareholders? - Details

Mukul Agrawal stock: This small-cap pharma company share price zooms 8% – Here’s why

Apple iPhone 14 Pro Max release date, price, specifications, color options - What to expect during September launch

Schools closed in Bhopal today due to heavy rainfall

Instagram, Facebook Latest Feature: Add Yours Sticker Reels - Learn how to use it | Step-by-step guide

Paisa Wasool: Mutual Funds-SIP Returns Calculator | Start from Rs 5k, get Rs 1.75 cr - SOLID MONEY FORMULA FOR RETIREMENT

Go Digit General Insurance IPO coming soon: Fairfax-backed firm files IPO papers with Sebi

Mumbai gets 10 more AC local trains - check timings, full schedule and route

Swaraj serial: Date, show timings on DD National, how and when to watch

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
© 2022. India Dot Com Private Limited. All Rights Reserved.
LIVE TV