Brexit

Brexit News: Trade Talks Timeline To Get Pushed Out?

In Euro news, the timetable for Brexit trade talks may be pushed back to the end of the year.

The Guardian has reported the second phase of the Brexit negotiations, which were to cover both trade and the actual process of the nation’s withdrawal from the European Union, were slated to begin after October. But now, as has been privately admitted by some ministers, the timeframe may be extended.

That news comes after Britain committed to discussing withdrawal processes first, a discussion which formally began in June, and trade talks would have begun after. The October target date for trade talks was announced by EU chief Brexit negotiator Michel Barnier, but some ministers have said phase two may begin in December, according to the Guardian.

If the delay does happen, the U.K would have 10 months to put a trade deal in place, the Guardian said.

Separately, the publication reported that, according to sources like Tory members of Parliament, European citizens will not need U.K. visas to visit the United Kingdom after Brexit takes place. The news outlet said the immigration policy is likely to be made official later this year with a few other tenets in place. EU citizens will not be able to stay in the U.K. on an indefinite basis, however, according to these changes in immigration. Additionally, if they seek to work in the U.K., EU citizens will need to comply with upcoming migration rules.

The Independent recently reported on economic data from the Office of National Statistics indicating retail sales showed some weakness in July, pressured by rising inflation. The retail decline was also a result of “fragile household confidence that is marking the buildup to Brexit,” according to the publication.

In other Brexit consequences, overall, sales were up 30 basis points in July, similar to the 30-basis-point rise in June. Inflation was 2.6 percent in July, a marked change from the 60-basis-point growth seen in the previous year’s period, and impacted by the pound’s slide in value against other currencies in the wake of the surprise Brexit vote. Overall gains in gross domestic product came to 30 basis points in the second quarter of this year and, as the Independent noted, showed a slowdown from 70 basis points in the last quarter of the year.

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