Cabinet meets on Brexit and agree on Brexit negotiations
Headlines from the UK cabinet meeting are coming out:
- Cabinet has agreed position on Brexit negotiations with the EU
- proposal will create UK-EU free-trade area with "common rule book" for industrial goods and agricultural products
- cabinet has agreed a new business – friendly customs model with freedom to strike new trade deals
- we must move at pace to negotiate our proposal with the EU
- British Brexit negotiating position is a substantial evolution of policy proposals for future relationship with EU
- needs to step up preparedness for full range of scenarios that might result from Brexit negotiations
- Brexit negotiating position says Britain makes upfront commitment to ongoing harmonization with EU rules on goods that are needed for frictionless trade
- negotiating position says UK would seek different arrangements for services, this means UK and EU will not have current levels of market access
- negotiating position says UK commits to applying common rulebook on state aid and establish cooperative arrangements between competition regulators
- negotiating position says UK and EU should establish joint institutional framework to provide consistency on UK – EU agreements
- Negotiating position says it would end free movement, return control on immigration
- UK May says Brexit proposal will avoid trade friction, protect jobs, and meet commitments to Northern Ireland
The GBPUSD has moved to new session highs after the release.
