Livesquawk citing a piece from the Telegraph
- Decision was taken on Monday at a meeting of EU leader’s representatives
- Says Theresa May should clarify the UK’s own demands on trade and future relations early in the New Year
- EU negotiator says they cannot produce their own guidelines until UK chooses between the options on the table
This is the EU putting the ball firmly in the UK’s court. The EU don;t have to lift a finger in any of this. The UK has chosen to leave and rightly it’s the UK that has to push for what it wants. What this does do is reset everything back to the start in phase two and it will go pretty much exactly the same way as phase one. The EU will put their feet up while the UK has to come up with a plan. If phase one is a blueprint, expect plenty more indecision and confusion within May’s government and that will then weigh on the quid. When we get near the next deadline (latter part of 2018), that’s when we’ll get the deals being done.
Meanwhile, the quid has revisited the 1.3310 lows we saw after the inflation data.
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