BREXIT LIVE: EU faces 'enormously excessive financial prices' with no deal Brexit – shock warning

Marc Friedrich and Matthiaas Welk instructed Focus in Germany Brexit might spark the start of the tip of the bloc. They wrote: “Sadly, in our view, the chance of a tough and soiled Brexit with drastic penalties for Britain, the EU, but additionally for Germany is rising daily, because the EU is being cussed and categorically guidelines out renegotiations.” The pair added: “No one in the present day can severely calculate the enormously excessive financial prices and damages because of the immense complexity of a Brexit with no contract.

“Within the case of a unclean Brexit, particularly the intensive provide chains between industrial corporations in Germany and Nice Britain shall be interrupted.”

With simply 38 days till Britain is ready to unshackle itself from the EU, Brexit Secretary Stephen Barclay briefed the Cupboard on his newest talks with Brussels amid persevering with impasse over the Northern Eire backstop.

Mr Barclay and Lawyer Normal Geoffrey Cox had been stated to have had a “productive” dialogue with the EU’s chief negotiator, Michel Barnier, within the Belgian capital on Monday.

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Brexit newest: Juncker has been warned Europe faces chaos in a no deal state of affairs (Picture: GETTY )

Nonetheless, it appeared that they had been no nearer to resolving the fraught subject of the backstop – supposed to make sure there is no such thing as a exhausting border on the island of Eire – which stays the primary stumbling block to an settlement.

The Division for Exiting the EU (DExEU) confirmed they mentioned the so-called “Malthouse compromise” being labored on by Tory MPs within the Various Preparations Working Group.

Mrs Might will meet EU boss Jean-Claude Juncker tomorrow in what was described as a “important” assembly. 


2.43pm replace: Minister sends warning to Financial institution of England 

Junior enterprise minister Richard Harrington stated the Financial institution of England must present stimulus for the financial system if Britain left the European Union with no deal on the phrases of its departure.

Mr Harrington stated that he didn’t consider there would finally be a no-deal Brexit as he anticipated that parliament would take management of the method and stop it.

2.28pm replace: UK farming trade prepares for UK’s exit 

Farming and atmosphere minister Michael Gove stated Britain will use import tariffs to guard its farming trade if it fails to achieve a commerce pact with the EU. 

Gove instructed the annual convention of the Nationwide Farmers Union that the cupboard has been discussing what the tariff charges can be within the occasion of a no-deal Brexit.

Talking to farmers immediately, he stated “You’ve gotten argued that we’d like tariffs on sheep meat, beef, poultry, dairy, each milk and cheese; and pig meat as a way to safeguard home manufacturing. 

“Your issues have been heard, and an announcement on new UK tariffs in a no-deal state of affairs – with particular and strong protections for farming – shall be made shortly.”

2.22pm replace: Eire prepares for no deal Brexit 

The Irish authorities is to debate and finalise its contingency plans for a no-deal Brexit at a Cupboard assembly on Tuesday.

Regardless of ramping up its motion plan for the UK crashing out of the EU, Eire’s deputy premier has stated he doesn’t wish to give an impression that the nation can simply handle a no-deal Brexit.

Simon Coveney stated it’ll put a “enormous pressure” on the Irish financial system however added that he nonetheless believes a no-deal Brexit could be prevented.

1.58pm replace: Labour reacts to Honda closure 

Labour stated Honda’s plans to close its Swindon manufacturing unit at a price of three,500 jobs is “a damning indictment of this Authorities’s failure to assist automobile manufacturing”. 

Shadow enterprise secretary Rebecca Lengthy-Bailey stated within the Commons: “A employee in Swindon’s plant for 24 years summarised the scenario final night time when he stated ‘the Authorities is totally incompetent’.

“I could not agree extra. Honda’s determination is a damning indictment of this Authorities’s failure to assist automobile manufacturing and guarantee enterprise confidence, each by way of Brexit and by way of their so-called industrial technique.”

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Brexit newest: Corbyn was quizzed on the resignations of seven of his MPs (Picture: GETTY )

1.54pm replace: Corbyn quizzed over Labour rebels 

The Labour chief stated he regrets that seven MPs “now not wish to be a part of the Labour get together”. 

Addressing the Make UK convention in London, he stated: “I remorse that seven MPs determined they might now not stay a part of the Labour Celebration, I thank them for his or her work.

“I hope they recognise that they had been elected to Parliament on a manifesto that was primarily based round funding sooner or later, was primarily based round a extra equal and fairer society and primarily based round social justice.”

He added: “They had been elected to hold out these insurance policies, they determined to go some other place and I remorse that as a result of I need our get together to be robust, I need our get together to be united across the insurance policies that now we have put ahead.”

Requested what he would do otherwise to deal with the issues of his MPs, Mr Corbyn stated: “Anybody who thinks they don’t seem to be being consulted should not taking over, in my opinion, the alternatives which might be accessible there and open and prepared for them always to try this.

“I am at all times ready to debate insurance policies with individuals within the get together and I do on a regular basis.”

Mr Corbyn sidestepped a query about Tom Watson’s name for a reshuffle to replicate the broader political beliefs of the Parliamentary Labour Celebration.

He stated: “I am proud to steer the Labour Celebration, I am pleased with what the Labour Celebration has achieved – the Nationwide Well being Service, the Equalities Act, the Human Rights Act – what it has achieved in so many areas of our society.

“However I recognise that main the get together means you’ve got to take individuals with you and I’m decided to try this – decided to try this in order that we will, when an election comes – current these insurance policies and that willpower to the general public as an entire.”

1.10pm replace: Might’s spokesman hails assembly with Juncker ‘important’ 

He stated: “There’s a strategy of engagement occurring. Tomorrow is clearly a major assembly between the prime minister and President Juncker as a part of that course of.”

The spokesman stated that if there was no vote on whether or not to approve a revised Brexit deal by subsequent week, parliament would once more have the prospect to contemplate the following steps.

He additionally described Brexit minister Stephen Barclay’s assembly with EU chief negotiator Michel Barnier as “productive”.

1.06pm replace: Authorities is ‘wandering within the wilderness on Brexit’ 

In an Pressing Query within the Commons on the Northern Eire backstop, the shadow solicitor basic Nick Thomas-Symonds stated with 38 days till we depart the EU “we’re nowhere nearer to having any additional readability on this subject”.

He stated: “We’re about to make a momentous determination on the way forward for our nation. The Authorities must be clear with this Home as to exactly what its technique is.

“Working down the clock is reckless and irresponsible. Absolutely this nation deserves higher than a Authorities wandering within the wilderness, not even certain about what its subsequent transfer is.”

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Brexit newest: Geoffrey Cox had a ‘productive’ assembly with Barnier (Picture: GETTY )

1.04pm replace: MPs ought to delay Brexit – Enterprise minister 

Enterprise minister Richard Harrington recommended that MPs would act to delay Brexit reasonably than permit the UK to crash out with no deal.

He instructed a producers’ convention in London: “I don’t consider there shall be a no-deal Brexit. The explanation I do not consider that’s as a result of I believe the Prime Minister’s deal will undergo.

“But when it does not get by way of, earlier than then Parliament can have taken management, we can have a small extension to Article 50 and Parliament will then determine on alternate options.

“I consider that can change into the Plan B.”

12.35pm replace: German economists subject warning Europe faces ‘soiled Brexit’

Europe should cease being cussed and head again to the negotiating desk or the entire of Europe faces enormous harm, two prime economists have warned.

Marc Friedrich and Matthiaas Welk instructed Focus in Germany Brexit might spark the start of the tip of the bloc.

They wrote: “Sadly, in our view, the chance of a tough and soiled Brexit with drastic penalties for Britain, the EU, but additionally for Germany is rising daily, because the EU is being cussed and categorically guidelines out renegotiations.”

The pair added: “No one in the present day can severely calculate the enormously excessive financial prices and damages because of the immense complexity of a Brexit with no contract.

“Within the case of a unclean Brexit, particularly the intensive provide chains between industrial corporations in Germany and Nice Britain shall be interrupted.”

brexit latest

Brexit Secretary Stephen Barclay will transient the Cupboard on his newest talks with Brussels in the present day (Picture: PA )

12.20pm replace: No deal Brexit is ‘stuff of nightmares’ 

Nationwide Farmers’ Union president Minette Batters stated it was “completely stunning” that it was nonetheless not clear to farmers what commerce circumstances they might be working in or what Britain’s future agricultural coverage will appear like.

She instructed the NFU annual convention in Birmingham: “I make no apology for saying that leaving the EU with no deal can be a disaster for British farming.” 

12.13pm replace: EU warns it’ll NOT reopen settlement on Irish backstop 

Fee chief spokesman Margaritis Schinas stated the EU aspect wished to attain an “orderly” withdrawal by the UK on March 29 as deliberate.

Nonetheless, he made clear the EU was not ready to present floor on Mrs Might’s key calls for – both to incorporate an exit clause or a time restrict on the backstop or to interchange it with another association.

He stated: “The EU won’t reopen the Withdrawal Settlement. We can’t settle for a time restrict to the backstop or a unilateral exit clause. 

“Additional talks shall be held this week to see whether or not a approach by way of could be discovered that will acquire the broadest doable assist within the UK Parliament and respect the rules agreed by the European Council.

“We’re listening and dealing with the UK Authorities to see how we will work for an orderly withdrawal of the UK from the European Union on March 29. That’s the place we’re.”

12.03pm replace: BREAKING: Enterprise secretary says Honda transfer is ‘bitter blow’ 

Greg Clark MP known as for Brexit uncertainty to be dropped at a conclusion with out additional delay. 

He stated a scenario the place producers don’t have Brexit certainty is unacceptable. 

He stated: “I’m not going to faux that is something apart from a really bitter blow. The ideas of everybody are with the devoted workforce, suppliers and with the city of Swindon. 

“It comes on prime of months of tension about Brexit you’ve got needed to endure.” 

Mr Clark stated the Honda determination underlined the significance of hanging a Brexit deal.

“We are going to go on ensuring that the argument that producers put for a deal to be concluded swiftly is one thing that’s heard loud and clear. Choices like Honda’s this morning display starkly how a lot is at stake.

“Honda’s announcement, they’ve described as not being associated to Brexit however to the adjustments which might be going down within the automotive sector.”

11.45am replace: Chuka Umunna left speechless over new Unbiased Group 

After discussing a so-called Folks’s Vote, BBC host Nick Robinson requested: “Which components of the Labour manifesto that you just stood on in 2017, apart from Europe, what a part of that manifesto do you disavow and disagree with?”

Mr Umunna was briefly left speechless earlier than failing to supply an instance. He stated: “Effectively, Brexit is the most important subject because the Second World Conflict.”

11.18am replace: Juncker’s predecessor tells him to BUCKLE

Former European Fee president José Manuel Barroso stated “no relationship” was extra “vital” than Britain’s one with the EU as he urged Mr Juncker to compromise. 

Mr Barroso stated: “I believe some type of compromise ought to be discovered. We’ve to control the large image.

“And there shall be no nation extra vital for the European Union’s future than the UK.

“And likewise for the UK, there shall be no relationship extra vital than the one with the European Union.

10.34am replace: Brexit day is STILL March 29 

Brexit Minister Lord Callanan has insisted the UK nonetheless intends to depart the EU as deliberate on March 29 regardless of Jean-Claude Juncker’s suggestion that Britain might nonetheless be within the bloc for Might’s European elections. 

Lord Callanan stated Theresa Might had been clear that the March 29 deadline remained.

He stated: “The Prime Minister has been very clear that we intend to depart on March 29, that is what Article 50 says and that is what our home laws says.”

10.17am replace: Brexit shall be DELAYED 

Former EU Fee President Jose Manuel Barroso stated Britain is prone to delay Brexit and never depart the European Union in March.

He stated the bloc would doubtless settle for a request to extension to kind out the small print of departure.

Mr Barroso, who now serves as a non-executive chairman at Goldman Sachs, instructed Sky Information: “I believe the most definitely state of affairs will not be to try this in March of this yr. We want extra preparations. 

“Even when there was a optimistic deal now, from a sensible standpoint, it is apparent that every little thing will not be prepared.

“So I believe the best factor to do is to have some extension, and I consider that if the UK calls for an extension of Article 50, European Union nations will naturally settle for it.”

9.53am replace: Belgium warns UK nearer to no deal Brexit 

Didier Rynders stated: “About Brexit, I believe we’re getting nearer and nearer both to an settlement or sadly to a no-deal, so now we have to maintain this in thoughts particularly once we have a look at the monetary framework. We have to assist the nations and companies that shall be most affected.

“Eire after all, but additionally within the continent, and we should spend money on customs.” 

9.46am replace: Document numbers of individuals are in work and job vacancies are at their highest stage ever

Common earnings elevated by 3.4percent within the yr to December, the very best for a decade, outpacing inflation.

Employment elevated by 167,000 within the three months to December to 32.6 million, the very best since information started in 1971.

Unemployment fell by 14,000 to 1.36 million, 100,000 decrease than a yr in the past, the Workplace for Nationwide Statistics (ONS) stated.

The UK’s jobless fee is now four % down by 0.3percent on a yr in the past, and the bottom since 1975. 

brexit latest

Brexit newest: Honda has introduced it’s to shut its Swindon manufacturing unit (Picture: GETTY )

9.27am  replace: Corbyn fails avoids MELTDOWN assembly 

The Labour chief did not make an look at a heated weekly Parliamentary Labour Celebration (PLP) assembly on Monday night because the departure of seven Labour MPs threatens to ignite a insurrection towards the Labour management.

The shock departure of seven Labour MPs sparked a heated debate on the Labour Celebration’s weekly assembly in the present day, with feelings operating excessive among the many MPs because the Labour chief made no look.

8.58am replace: EU commerce boss gloats Britain is TOO SMALL to safe large commerce offers

EU agricultural commissioner Phil Hogan gloated Brexit Britain wouldn’t be capable of safe the “similar phrases and circumstances” because the EU’s 54 present commerce offers all over the world. He additionally warned costs would rise at supermarkets throughout the UK attributable to ongoing Brexit uncertainty.

He instructed Monetary Instances: “Measurement issues in commerce. “5 hundred million prospects will at all times resonate extra with a 3rd nation after they wish to do a commerce cope with the EU, reasonably than 65m.

“That is what Liam Fox is discovering out as he travels all over the world. Japan not too long ago instructed him: ‘Come again to us once we see the implementation of the EU deal’.”  


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Brexit newest: Corbyn leaves his Islington house after the mass resignations of his MPs on Monday (Picture: PA )

8.25am replace: Labour faces self critque or civil WAR 

Jeremy Corbyn ought to “transfer each sinew in his physique” to alter Labour after the resignation of seven MPs from the get together, a Labour MP has stated.

Jess Phillips, who represents Birmingham Yardley, urged the Labour chief to take heed of the politicians’ causes for quitting, warning reacting with bitterness might trigger the get together to “burst aside”.

8.14am replace: BREAKING: Honda confirms closure of Swindon manufacturing unit 

Automobile large Honda has confirmed plans to close its manufacturing unit in Swindon in 2021 with the lack of 3,500 jobs.

The Japanese agency instructed staff it proposed to shut the automobile manufacturing plant on the finish of the present mannequin’s manufacturing lifecycle.

The plant at the moment produces 150,000 automobiles a yr.

8.07am replace: Juncker admits UK may have to participate in EU elections as Brexit delay looms

The EU boss stated he couldn’t rule out an extension to Britain’s membership within the EU past the Might Brussels elections. 

Mr Juncker instructed Stuttgarter Zeitung: “That to my thoughts can be an irony of historical past. But I can’t rule it out. 

“Any determination to ask for extra time lies with the UK. If such a request had been to be made, nobody in Europe would oppose it.” 

8.04am replace: As much as 5 Remainer TORIES might QUIT and be a part of breakaway Labour group

A GROUP of Tory Remainers are “severely” contemplating quitting Theresa Might’s Conservative Celebration to hitch Labour breakaway MPs Unbiased Group if the Prime Minister presses forward with a no-deal Brexit, it has been claimed.

Theresa Might is underneath renewed strain as hypothesis mounts a Tory minister and 4 backbenchers are planning to leap ship to hitch the seven Labour rebels.

A Tory minister instructed the Every day Telegraph the group, together with Luciana Berger, Chuka Umunna, Chris Leslie, Angela Smith, Gavin Shuker, Ann Coffey and Mike Gapes, had been “remarkably smart individuals” earlier than saying he can be ready to defect if Britain leaves the EU with no deal.

BBC political editor Laura Kuennsberg tweeted: “Two Tories tonight say they’re pondering severely about whether or not to give up – there may very well be one other transfer earlier than finish of the week – jitters far and wide.”

The information emerged after Anna Soubry sparked hypothesis she often is the subsequent MP to defect to the brand new Unbiased Group after eradicating a Conservative Celebration slogan from a social media profile.

Fellow Tory Remainers, together with Heidi Allen and Sarah Wollaston, are additionally tipped to leap ship after campaigning for a second Brexit referendum alongside Ms Berger and Mr Umunna.

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