Brexit crunch time: EU and Britain remain divided over trade deal

Post-Brexit trade talks hung in the balance on Monday as Britain and the European Union made a last-ditch attempt to bridge significant differences and reach a deal that would avoid a disorderly exit in just 24 days.

With growing fears of no-deal chaos after the United Kingdom finally leaves the EU’s orbit on Dec. 31, talks will resume in Brussels before British Prime Minister Boris Johnson and European Commission President Ursula von der Leyen review the situation on Monday evening.

Irish Prime Minister Micheal Martin said on Sunday the chances of a deal were 50-50. Investment bank JPMorgan said odds of a no-trade deal exit had risen to one third from 20%.

EU chief negotiator Michel Barnier was “rather downbeat as to the prospects of agreement” when he spoke to national envoys in Brussels on Monday morning, according to one diplomat, adding that Johnson would have to make the ultimate call on a deal.

“The ball is in BoJo’s (Johnson’s) court,” said the diplomat, who was taking part in the briefing. “Differences persist on all three issues.”

Britain formally left the EU on Jan. 31 but has been in a transition period since then under which rules on trade, travel and business remain unchanged.

For weeks, the two sides have been haggling - as yet without a result - over fishing rights in British waters, ensuring fair competition for companies and ways to solve future disputes.

In Brussels, an EU diplomat told Reuters that Britain had failed to make the “necessary choices” on fishing and fair competition to make a deal possible on trade - worth nearly $1 trillion each year.

In London, a British lawmaker in Johnson’s ruling Conservative Party said France would have to make concessions on fishing and the EU would have to drop their demands on the level playing field.

With growing fears of no-deal chaos after the United Kingdom finally leaves the EU’s orbit on Dec. 31, talks will resume in Brussels before British Prime Minister Boris Johnson and European Commission President Ursula von der Leyen review the situation on Monday evening.

Irish Prime Minister Micheal Martin said on Sunday the chances of a deal were 50-50. Investment bank JPMorgan said odds of a no-trade deal exit had risen to one third from 20%.

EU chief negotiator Michel Barnier was “rather downbeat as to the prospects of agreement” when he spoke to national envoys in Brussels on Monday morning, according to one diplomat, adding that Johnson would have to make the ultimate call on a deal.

“The ball is in BoJo’s (Johnson’s) court,” said the diplomat, who was taking part in the briefing. “Differences persist on all three issues.”

Britain formally left the EU on Jan. 31 but has been in a transition period since then under which rules on trade, travel and business remain unchanged.

For weeks, the two sides have been haggling - as yet without a result - over fishing rights in British waters, ensuring fair competition for companies and ways to solve future disputes.

In Brussels, an EU diplomat told Reuters that Britain had failed to make the “necessary choices” on fishing and fair competition to make a deal possible on trade - worth nearly $1 trillion each year.

In London, a British lawmaker in Johnson’s ruling Conservative Party said France would have to make concessions on fishing and the EU would have to drop their demands on the level playing field.

With growing fears of no-deal chaos after the United Kingdom finally leaves the EU’s orbit on Dec. 31, talks will resume in Brussels before British Prime Minister Boris Johnson and European Commission President Ursula von der Leyen review the situation on Monday evening.

Irish Prime Minister Micheal Martin said on Sunday the chances of a deal were 50-50. Investment bank JPMorgan said odds of a no-trade deal exit had risen to one third from 20%.

EU chief negotiator Michel Barnier was “rather downbeat as to the prospects of agreement” when he spoke to national envoys in Brussels on Monday morning, according to one diplomat, adding that Johnson would have to make the ultimate call on a deal.

“The ball is in BoJo’s (Johnson’s) court,” said the diplomat, who was taking part in the briefing. “Differences persist on all three issues.”

Britain formally left the EU on Jan. 31 but has been in a transition period since then under which rules on trade, travel and business remain unchanged.

For weeks, the two sides have been haggling - as yet without a result - over fishing rights in British waters, ensuring fair competition for companies and ways to solve future disputes.

In Brussels, an EU diplomat told Reuters that Britain had failed to make the “necessary choices” on fishing and fair competition to make a deal possible on trade - worth nearly $1 trillion each year.

In London, a British lawmaker in Johnson’s ruling Conservative Party said France would have to make concessions on fishing and the EU would have to drop their demands on the level playing field.