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Brexit update

UK
  • Another week and another Brexit trade talk extension. The weekend deadline has come and gone but talks are still ongoing at least for the next few days. At 7:30am GMT this morning, Michel Barnier will brief EU ambassadors on the state of negotiations, so headlines will probably kick off early this week.
  • Regarding the state of negotiations, a reporter from the Sun stated on Twitter that "the EU has dropped its insistence on a 'ratchet clause' which would have formalised the principle both sides should keep up with each other's standards. It's now ready to cater for divergence in the future so long as there are strong safeguards to rebalance unfair competition."
  • If true this is a positive step forward for negotiations regarding the level playing field. The ratchet clause would have meant that if the EU increased regulations and the UK did not match these regulations that that the EU would have been able to introduce lightning tariffs on these goods (the UK would have had the same rights if the UK's regulations increased). These headlines suggest that despite the continued rhetoric that the two sides remain far apart and that no deal remains the most likely outcome that there is at least some progress being made behind the scenes.
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