Brexit Negotiations Stall: Not Enough Progress in Trade Talks

German Chancellor Angela Merkel center speaks with Austrian Chancellor Christian Kern right and French President Emmanuel Macron during a working session at an EU Digital Summit in Tallinn Estonia on Friday Sept. 29 2017. The European Union is look

The EU has estimated that Britain will owe tens of billions of euros (dollars) to cover outstanding liabilities.

Barnier told reporters that Theresa May's speech in Florence "has created a new dynamic in negotiations but that it may take "weeks or months to make sufficient progress" and open to door to trade talks between the United Kingdom and EU".

"That has been part of the negotiations that we've had".

The EU's chief Brexit negotiator Michel Barnier said that it could still be months before both sides can actually proceed to discuss trade.

It follows meetings with European Council President Donald Tusk and Irish premier Leo Varadkar this week, as EU leaders prepare to assess how much progress has been made in the first phase of talks on the UK's withdrawal.

"At the end of this week I am saying that that there will be no sufficient progress from now until October unless miracles would happen". They had been expected to do just that on October 19-20 at their next summit, but Barnier's assessment indicated the tentative deadline will be missed.

The final reading of UK GDP for the second quarter is due at 09.30 but, more importantly, the latest consumer credit numbers that have been so in focus given the reliance on the UK consumer for the growth that we are seeing are also due.

Mr Davis pursued a more combative tone than his boss and his team didn't go far enough to clarify the concessions Mrs May offered in the speech, according to the person, who asked not to be named as the discussions were private.

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The UK's main business and trade union groups made a rare joint statement on Thursday, calling for "urgent" action guaranteeing citizens' rights after Britain leaves the EU in march 2019.

She said: "Our resolve to draw on the full weight of our military, intelligence, diplomatic and development resources to lead global action with our partners on the issues that affect the security and prosperity of our peoples is unchanged".

"Nato remains the bedrock of our collective security and there is no clearer demonstration of the UK's unconditional commitment to Europe's defence than the 800 British troops now in Tapa, leading a North Atlantic Treaty Organisation battlegroup and standing shoulder to shoulder with their Estonian, French and, soon, their Danish counterparts too".

"And our determination to defend the stability, security and prosperity of our European neighbours and friends remains steadfast".

Britain is seeking a bespoke deal on security links with the European Union under proposals to maintain cooperation on efforts to fight terrorism and serious crime after Brexit. "Not only is this important for our economy, it is the right thing to do", the duo said.

Barnier highlighted two key areas of disagreement.

"For the European Union, the only way to reach sufficient progress is that all commitments undertaken by the 28 are honored by the 28", Barnier said.