Brexit talks back in stand-off mode as Davis demands compromise

U.K. Prime Minister Theresa May is locked in a new Brexit stand-off with European leaders as diplomatic efforts to reach a breakthrough in talks by year-end yield little.

May’s Brexit Secretary David Davis said he wanted the European Union to compromise, saying Britain has “made all the running” in negotiations so far. EU leaders, including those who have met May in the last 24 hours, declared it’s up to the U.K. to make further concessions. They want more clarity on what the U.K. is prepared to pay when it leaves.

“I want them to compromise,” Davis said in a BBC interview on Friday. “So far in this negotiation we’ve made quite a lot of compromises,” he said. “We haven’t always got that back.”

May met her Swedish, Polish and Italian counterparts and will later meet European Council President Donald Tusk, who’s unlikely to give her better news. According to the BBC, Tusk will warn her that she shouldn’t assume she’ll get the green light for talks to progress to trade and the transition period at the December summit.

European Commission President Jean-Claude Juncker reinforced the point. “The clock is ticking,” he said before the Gothenburg meeting began. “I hope that we will be able to come to an agreement as far as the divorce is concerned in the December council but work still has to be done.”

Source: Bloomberg Pro Terminal

Jr Trader Alexander Kumanov

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