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| Britain will be forced to accept a Canda-style trade deal with EU, leaked document reveals | Britain will be forced to accept a Canda-style trade deal with EU, leaked document reveals |
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| Britain will be forced to accept a Canada-style post-Brexit trade deal with the EU that is vastly inferior to the current arrangement and which imposes new tariffs on imports and exports of food, a leaked document reveals. | Britain will be forced to accept a Canada-style post-Brexit trade deal with the EU that is vastly inferior to the current arrangement and which imposes new tariffs on imports and exports of food, a leaked document reveals. |
| The memo from chief Brexit negotiator Michel Barnier will come as a blow to Theresa May and her Cabinet who have repeatedly spoken of their desire to construct a bespoke deal between the UK and the remaining 27 EU members once ties are cut. | The memo from chief Brexit negotiator Michel Barnier will come as a blow to Theresa May and her Cabinet who have repeatedly spoken of their desire to construct a bespoke deal between the UK and the remaining 27 EU members once ties are cut. |
| Ms May said in her Florence speech that replicating the Canada-EU deal would “represent such a restriction on our mutual market access that it would benefit neither of our economies”. | Ms May said in her Florence speech that replicating the Canada-EU deal would “represent such a restriction on our mutual market access that it would benefit neither of our economies”. |
| But the document, said by Politico to have been provided to Mr Barnier for a “preparatory discussion” on the “framework for the future relationship”, suggests London will struggle to achieve its aim of tariff-free and frictionless trade with the bloc. | |
| It states that the UK’s rejection of the European Court of Justice and issues around “regulatory autonomy” mean it will not be “compatible” as a close trade partner. | It states that the UK’s rejection of the European Court of Justice and issues around “regulatory autonomy” mean it will not be “compatible” as a close trade partner. |
| The document also suggests London’s status as a financial centre could be further at risk, as it rules out “direct branching in sectors like financial services”, Politico reported. | The document also suggests London’s status as a financial centre could be further at risk, as it rules out “direct branching in sectors like financial services”, Politico reported. |
| The document adds that the future deal would see only “limited EU commitments to allow cross border provision of services”. | The document adds that the future deal would see only “limited EU commitments to allow cross border provision of services”. |
| Banking giant JP Morgan has called for a free trade agreement with the EU to cover the financial services. | Banking giant JP Morgan has called for a free trade agreement with the EU to cover the financial services. |
| Sally Dewar, the firm’s international head of regulatory affairs, said a “novel, unique, new style of free trade agreement that would go beyond what’s been previously negotiated in the past” was needed. | Sally Dewar, the firm’s international head of regulatory affairs, said a “novel, unique, new style of free trade agreement that would go beyond what’s been previously negotiated in the past” was needed. |
| It comes as the EU warns Ms May that trade talks beginning next month is "not a given". | It comes as the EU warns Ms May that trade talks beginning next month is "not a given". |
| Brussels is pushing for more information from her on key issues including the divorce bill the UK will pay to the EU. | Brussels is pushing for more information from her on key issues including the divorce bill the UK will pay to the EU. |
| The Prime Minister will hold talks with European Council president Donald Tusk and Ireland's Prime Minister Leo Varadkar in the margins of a major European summit in Gothenburg on Friday. | The Prime Minister will hold talks with European Council president Donald Tusk and Ireland's Prime Minister Leo Varadkar in the margins of a major European summit in Gothenburg on Friday. |
| EU sources have suggested that Mr Tusk will tell her that although internal preparations had begun on preparing for the second phase of Brexit talks, covering a transitional deal and the future relationship the UK will have with Brussels, it could not be taken for granted that leaders will agree to move on to formal talks. | EU sources have suggested that Mr Tusk will tell her that although internal preparations had begun on preparing for the second phase of Brexit talks, covering a transitional deal and the future relationship the UK will have with Brussels, it could not be taken for granted that leaders will agree to move on to formal talks. |
| Ms May hopes December's European Council summit will see leaders give the green light to talks on a post-Brexit trade deal. | Ms May hopes December's European Council summit will see leaders give the green light to talks on a post-Brexit trade deal. |
| But a Brussels source told Press Association: "Mr Tusk will inform Mrs May that such a positive scenario is not a given, it will require more work and that time is short. | But a Brussels source told Press Association: "Mr Tusk will inform Mrs May that such a positive scenario is not a given, it will require more work and that time is short. |
| "And he will ask Ms May how the UK plans to progress on the three key issues for phase one." | "And he will ask Ms May how the UK plans to progress on the three key issues for phase one." |