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7/2, 2:49 PM (Source: TeleTrader)
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Barnier: EU, UK face 'serious divergences'

European Commission's Head of Task Force for Relations with the United Kingdom Michel Barnier stated on Thursday that after four days of negotiations with Britain on the post-Brexit deal "serious divergences remain."

Barnier stressed the European Union demanded the UK respects the Political Declaration, which includes guarantees for open and fair business competition and "an overarching institutional framework and effective dispute settlement mechanisms." He added the EU respects Britain's positions, but that the bloc expected "equivalent engagement" by the other side.

Both parties recently agreed to intensify their Brexit talks, although they previously accused each other of a lack of will to compromise. German Chancellor Angela Merkel said earlier this week the EU must prepare for the option of no-deal Brexit.

Breaking the News / JR