dglobalnews.com Chancellor Philip Hammond warns: We must avoid Brexit 'cliff edge'
Published: Fri, June 23, 2017
Markets | By Armando Jensen

Chancellor Philip Hammond warns: We must avoid Brexit 'cliff edge'

Chancellor Philip Hammond warns: We must avoid Brexit 'cliff edge'

Now, she's lost the Conservative majority in Parliament after a disastrous campaign.

The two sides have until March 2019 to complete and ratify a deal on the U.K.'s divorce from the European Union after more than four decades of membership and to try to shape a future partnership between Britain and its neighbors.

Negotiator for the EU, Michel Barnier, said he hoped the initial talks would focus on a timeline for the negotiations and priorities for it.

Officials on both sides play down expectations for what can be achieved in one day.

"We are also talking about the issue of the Irish border; that's a real priority for us. And we want to try to solve the hard things as well as possible".

Barnier, a keen mountaineer, spent the weekend in his native Alps "to draw the strength and energy needed for long walks".

Speaking to the BBC's "Andrew Marr show", Mr Hammond said: "No deal would be a very, very bad outcome for Britain, but there is a possible worse outcome and that is a deal that is deliberately structured to suck the lifeblood out of our economy over a period of time".

Earlier, British Foreign Secretary Boris Johnson said that negotiations would be beneficial for both sides.

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Australian individuals and former refugee communities have made the largest donation to date to support refugees. The number of refugees is more than the population of Britain and an increase of 300,000 over the previous year.

"There may well be the need for certain transitional periods, some of them which will involve phasing out, others potentially phasing in", Barnier told reporters in Luxembourg after a meeting of European Union affairs ministers.

The British minister raised the issue once again yesterday only to be shut down by EU chief negotiator Michel Barnier, who said the European Council would only proceed to future ties when "sufficient progress has been made" in other areas. "In addition, a dialogue on Ireland / Northern Ireland has been launched under the authority of the Coordinators".

"Britain is tired after seven years of hard slog repairing the damage of the great recession", he said, adding that growth rather than higher taxes and borrowing is the only way to fund public services.

Britain vowed to secure a "deal like no other in history" at the start of the complex 18-month process.

The EU has demanded an early agreement on three issues: the rights of EU nationals living in the United Kingdom; the UK's "exit" payment to the EU; and the border between Northern Ireland and the Republic of Ireland.

He said May will publish a detailed paper outlining Britain's approach on protecting citizen rights at the European Union summit on Thursday and Friday, which he believes "will form the right basis on which to reach agreement".

However, Britain rejected the two-stage negotiating arrangement, insisting that the talks on trade relations should take place "in parallel".

But his political opponents argued that it was clear Brussels had won the first round in the Brexit talks.

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