Brexit Bulletin: Stuff of Nightmares
Brexit Bulletin: Stuff of Nightmares
Days to Brexit: 4
(Bloomberg) --
What’s Happening? Brexit happens on Friday, but navigating the road ahead will be a treacherous ordeal.
Brexit will be officially “done” this coming Friday, Jan. 31. Nothing much will change at first. But the hard part is only just about to begin. For proof, British negotiators need only speak to some of those who have already had the pleasure of thrashing out market-access deals with the European Union.
We spoke to senior diplomats from far and wide who took (or are still taking) part in free trade negotiations with Brussels, and what they described is the stuff of nightmares.
The two sides are already far apart. Against that backdrop, diplomats told us that EU negotiators will often come across as condescending and manipulative, and will demand everything upfront while refusing themselves to make any concessions. Asked for comment, one official resorted to repeated profanities.
The European Commission, negotiating on behalf of the EU’s 27 remaining states, will likely adopt a take-it-or-leave-it approach. It may even pretend that its proposals are well-intended, aimed at protecting the U.K’s interests. On key areas, including fishing, pressure is likely to be particularly acute. All this while U.K. Prime Minister Boris Johnson tries to get a deal at a world-beating pace of about 10 months, and tries to manage an increasingly tense relationship with the U.S.
It’s a mountain to climb. “They introduce themselves as nice, civilized negotiators,” one official told us. “But they skin you alive.”
Beyond Brexit
- Global stock markets tumbled as fears grew over the spread of the deadly coronavirus.
- Boris Johnson hinted that he’ll give Chinese telecoms firm Huawei a role in the U.K.’s 5G network.
- Legendary investor Warren Buffett is one of the world’s richest fossil-fuel billionaires.
Brexit in Brief
Union Under Pressure | Keir Starmer, the front-runner to replace Jeremy Corbyn as leader of Britain’s opposition Labour Party, said Brexit risks breaking up the U.K. as he called for a “radical” redistribution of power to towns and regions.
‘Wishful Thinking’ | Johnson’s goal of doubling the U.K.’s rate of economic growth is at first glance ambitious but not outrageous, former Liberal Democrat leader Vince Cable writes for Bloomberg Opinion. But his optimism is underpinned by the hope of a near-miraculous productivity spurt, he writes — and it’s hard to see where that will come from.
Tasked | The U.K.’s post-Brexit negotiations will be led by a “taskforce Europe team” based in No. 10 Downing Street, Johnson’s spokesman James Slack told reporters. The team, headed by lead negotiator David Frost, will be about 40-strong, Slack said. The Department for Exiting the European Union will cease to exist.
Scientists Needed | The U.K. will relax visa rules for top scientists next month in a bid to ease concern that Brexit will close the country off to top talent, Downing Street said.
Meltdown | The U.K. plan to release three million 50p coins to mark Brexit on Friday can’t stop making headlines. First, a million coins were melted down. Now it’s the coin’s inscription — “Peace, prosperity and friendship with all nations” — that’s causing a stir.
Life After Brexit
You can follow us @Brexit on Twitter, and listen to Bloomberg Westminster every weekday.
To contact the editor responsible for this story: Adam Blenford at ablenford@bloomberg.net, Caitlin Morrison
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