UK Government Gears up to Unfreeze Brexit Negotiations

The U.K. government is gearing up to unfreeze Brexit negotiations, according to an unnamed Cabinet minister cited by the BBC. This follows a “marathon” Cabinet meeting Thursday morning in London, which reportedly finalized a speech Prime Minister Theresa May is due to make in Florence Friday, a venue she will use in an attempt to break the deadlock on divorcing terms, and pave the way for negotiations on trading terms to begin.

The next round of negotiations are due to start next Monday, having been delayed a week, with 18 months left until “Brexit Day.” The immediate hurdle is the actual divorce (final financial settlement, post-Brexit status of U.K. and European Union citizens living in the EU and U.K., and the Irish border).

May will apparently guarantee that no EU nation would lose out from changes to the EU’s current budget as a consequence of the U.K. leaving.

The BBC’s source also affirmed that the government is looking for a two-year transition period after Brexit to buy time to hammer a new trading deal (which should go down well in sterling markets).

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