EU chief negotiator says withdrawal agreement 80-85% done

On October 17, EU27 leaders will meet in the European Council to discuss the UK’s departure from the European Union. If things don’t go pear-shaped between now and then, we could be looking at a Brexit deal next week.  

What is needed, according to EU chief negotiator Michel Barnier, is decisive progress. At the European Commission’s weekly meeting yesterday in Brussels, he provided an update as technical-level negotiations continue. 

In a speech on the same day, at Eurochambre’s European Parliament of Enterprises 2018, Barnier said much of the withdrawal agreement has already been agreed with the UK. His approximation was about 80 to 85%.

The chief negotiator, however, pointed out that the EU’s proposal is merely a “backstop” and that the details of the future relationship with the UK will only be negotiated after the latter’s exit. He also stressed that Brexit was the UK’s doing.

“Brexit was not our choice,” stated Barnier. “It is the choice of the UK. Our proposal tries to help the UK in managing the negative fall-out of Brexit in Northern Ireland, in a way that respects the territorial integrity of the UK.”

Meanwhile, in case of a no-deal or hard Brexit, the International Monetary Fund said global financial stability could be impacted by adversely affecting market sentiment and resulting to a spike in risk aversion.   

The world’s specialist insurance market Lloyd’s of London, for its part, has promised to honour all valid claims even in the absence of a deal – a move appreciated by the London & International Insurance Brokers’ Association (LIIBA).

Chair Roy White commented: “LIIBA welcomes the publication of the Lloyd’s statement of intent with regard to the payment of claims in the event that the UK leaves the EU without a transition or implementation period.

“Having the fair treatment of customers front and centre of the market’s focus is exactly right, and the support of the FCA (Financial Conduct Authority) in this position illustrates the importance of maintaining confidence in the market through this period of uncertainty.”