Sterling slides as Brexit talks hit a 'deadlock'

RT•GETTYBoris Johnson urged the EU to move forward with talks

"We've reached a state of deadlock which is very disturbing for thousands of project promoters and taxpayers", he said, referring to the projects that depend on European Union funding and the taxpayers who foot the bill for that budget.

The EU's chief negotiator Michel Barnier warned that very little progress had been made.

At a press conference in Brussels today, Mr Barnier said: "This week we worked in a constructive spirit and we clarified certain points without however making any great steps forward".

However, Barnier said there had been progress in other areas, including citizens' rights, and he hoped there will be positive developments within the next two months.

But Britain says these issues are closely intertwined with their future relations like trade and must be discussed together.

Both sides have now given up on the United Kingdom making "sufficient progress" to move to trade talks by the European Council summit in October, with Mr Barnier suggesting the milestone could be reached by December with constructive effort on both sides.

"The next step in this progress is the European Council in October and we would like them to give Michel the means to broaden the mandate". It's up to them whether they do it.

BBCBoris Johnson'It's time to put a bit of a tiger in the tank and get this thing done
BBCBoris Johnson'It's time to put a bit of a tiger in the tank and get this thing done

"I make no secret of the fact that to provide certainty we must talk about the future", Mr Davis said.

A fifth round of negotiations broke up earlier in the day without major progress, fuelling fears that Britain will leave the bloc in March 2019 without an agreement to soften the blow.

British prime minister Theresa May said last month in her keynote Florence speech that the European Union countries should not pay more or receive less from the European Union budget after Brexit, and said commitments made by the United Kingdom as a member would be honoured. The pound traded down by as much as 0.6 percent against the euro after Barnier spoke.

But he added: 'This week, however, the United Kingdom repeated that it was still not ready to spell out these commitments.

"There have been.no negotiations on this subject".

Germany, France and Romania are said to be blocking Mr Barnier from starting scoping on a transition deal with Britain, with Berlin in particular keen to secure cash promises from the United Kingdom first. The British government is under pressure from euroskeptic lawmakers to increase planning for a "no deal" Brexit, in which the United Kingdom leaves the bloc without a trade agreement. That will be hard in a government constantly at war with itself on the direction of Brexit. "With David Davis, we will organise several negotiating meetings between now and the end of the year".

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