Britain has laid out its opening demands for trade talks with the European Union, delivering a blunt threat to walk away from the table if there is no progress within four months.
Catch up on the developing stories making headlines.
The EU says Britain must agree to follow the bloc’s rules in areas ranging from state aid to environmental protections, and give European boats access to U.K. fishing waters, if the two sides are to strike a good deal. Britain left the EU on Jan. 31 but remains bound by the bloc's rules until a post-Brexit transition period ends on Dec. 31. A divorce agreement between the two sides allows for the transition to be extended for two more years, but British Prime Minister Boris Johnson insists he will not agree to that.Britain’s negotiating guidelines insist that there is “limited, but sufficient time” to get an agreement. The document says a “broad outline” of an agreement should be done by June.
The British government is warning businesses that no matter what happens there will be new barriers between Britain and the EU, which currently accounts for almost half of U.K. trade. Even with a free trade deal there will be new border checks and customs forms to fill out.
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