Further comments by Barnier
- We can get a good agreement for both sides despite 'very, very difficult' differences
- UK doesn't want a level-playing field in the deal
- UK position on fisheries deal is not practical
- UK sees a series of agreements on a case-by-case basis
- But we want an overarching deal
- Differences with the UK are not a surprise
He basically just outlined all the key issues that they can't really see eye-to-eye on and then said that they can still get an agreement. The question is how?
This will require either one of the two sides to move their red lines and compromise. A deal won't be forged on its own as long as the differences above still remain and both sides remain stubborn and unwilling to budge.
The pound has lost a bit of ground as the reality of the situation is already emerging in the first round of talks this week. Cable is down to 1.2900 after hitting a high of 1.2937 earlier.
