Goldman Sachs note that "technical talks.........>

UK: Goldman Sachs note that "technical talks between EU and UK negotiators have

stalled in recent weeks, but European Commission President Ursula von der Leyen

and UK Prime Minister Boris Johnson injected fresh political momentum into

Brexit discussions following a 'High Level' videoconference on Monday afternoon.

The next stage of negotiations will not be plain sailing, but we maintain our

base case that the EU and the UK will strike a 'thin' free trade agreement by

the end of the transition period on 31 December. De jure, the UK government will

be able to claim that a zero-tariff/zero-quota deal was done in the promised

timeframe - despite the disruption from Covid-19. De facto, we expect that deal

to involve a lengthy implementation phase, during which some current EU-UK

arrangements are preserved (in data, aviation and security, for example) until

further negotiations have run their course. In the language of 2016, we would

characterise the path ahead as a soft landing to a "hard Brexit" destination. In

the language of 2020, a foundational agreement reached this year would "deliver

a relationship" that can advance the interests of both sides over the longer

run."