EU Demands UK Act in 'Good Faith' in Brexit Treaty Revision

'No deal' Brexit could cost UK and EU companies £58 billion, report warns

Firms across the EU's 27 countries other than the United Kingdom will have to pay £31 billion a year in tariff and nontariff barriers if the United Kingdom leaves the bloc without a deal, the report by Oliver Wyman management consultants and law firm Clifford Chance said.

That frustration was reinforced by EU Commission President Jean-Claude Juncker, who also told EU legislators that "there is increasing urgency to negotiate this orderly withdrawal".

He said it "translates faithfully" the agreement reached between Theresa May and the European Union in December.

Other MEPs used the plenary session to put forward their stance on the UK's departure from the EU.

"As the clock ticks down with one year to go, it is now time to translate speeches into treaties, to turn commitments into agreements, broad suggestions and wishes on the future relationship into specific workable conditions", he said in what can be seen as a rebuke to the speech of British Prime Minister Theresa May earlier in the month.

Last December the Bank of England proposed allowing European Union banks in Britain to continue as branches in London after Brexit on condition of some form of reciprocity from Brussels to avoid lenders having to find extra capital to become fully fledged subsidiaries.

After Theresa May rejected EU proposals for Northern Ireland effectively to remain in the customs union, Mr Tusk warned that progress in Brexit talks could be put at risk if there was "backsliding" on principles agreed previous year.

Pep Guardiola fined £20000 by FA after wearing yellow ribbon
He was not happy with the display, though, saying his players "forgot to attack" and is hoping for better when they travel to relegation-threatened Stoke on Monday.

Mr Juncker was speaking in the European Parliament in Strasbourg when he mentioned the 29 March 2019 Brexit deadline, which was greeted with cheers by Ukip MEPs.

A draft joint position from the remaining 27 European Union members, seen by Reuters ahead of its official publication later today, said the bloc was determined to foster a close partnership with Britain. Here, the example of Switzerland may set a precedent, with Swiss Foreign Minister Ignazio Cassis recently stating that Switzerland could agree to an independent arbitration panel as part of a deal that would also allow Swiss laws to change in line with EU legislation, moving closer toward the EU's plans for a three-person arbitration panel to resolve Swiss-EU disputes.

The study by consultants Oliver Wyman said country level differences are pronounced, singling out the agri-food industry in the Republic of Ireland and the vehicle and manufacturing sector in Germany as particularly exposed.

"After Brexit there is a big discontinuity in all the trade and services, but we still have a large market and it's supposed to be an interesting opportunity for all the financial institutions", Katainen said.

The U.K. and European Union "shall refrain from any measures which could jeopardize the attainment of the objectives of this agreement", the draft treaty says.

We are clear that a future comprehensive trade partnership with the European Union must include goods as well as services.

Many saw the speech as a clarification of London's position on the future EU-Britain relationship, but Juncker's Wednesday statements indicate that speeches will not take the place of signed agreements.

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