(Reuters) – Britain and the European Union have agreed to pursue ‘mini-deals’ in areas of mutual interest, such as aviation and road transport, even if trade negotiations for a wider deal break down next week, The Times https://www.thetimes.co.uk/edition/news/post-brexit-britain-and-eu-agree-to-pursue-mini-deals-if-talks-fail-next-week-8b7jrrjc8 reported on Saturday.

FILE PHOTO: EU flag are placed on broken glass and British flag in this illustration picture taken

© Reuters/DADO RUVIC
FILE PHOTO: EU flag are placed on broken glass and British flag in this illustration picture taken

European Union chief Brexit negotiator Michel Barnier and Britain’s chief negotiator David Frost have agreed that even if a wider deal proves impossible to reach on Oct. 15, contact will continue, The Times said.

In such an event, the two sides would spend November attempting to put together mini-deals to offset the likely disruption when the transition period ends on Dec. 31, the newspaper said, without citing sources.

British Prime Minister Boris Johnson has set a deadline of the Oct. 15 EU summit for a deal, but the two sides are still haggling over a trade deal that would kick in when informal membership ends on Dec. 31.

(Reporting by Aakriti Bhalla in Bengaluru, Editing by Rosalba O’Brien)

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The UK economy continued its rapid rebound from the depths of the coronavirus lockdown in August, the latest official data on growth is expected to show on Friday, but many economists are braced for a grim winter as job losses mount.

a group of people standing in front of a building: Photograph: Justin Tallis/AFP/Getty Images

© Provided by The Guardian
Photograph: Justin Tallis/AFP/Getty Images

The Bank of England’s chief economist, Andy Haldane, predicted last week that GDP would be “only around 3-4% below its pre-Covid level” by the end of the third quarter, covering July to September.

That would imply further significant increases in the UK’s economic output since July, when output remained 11.8% below the level hit in February, according to figures from the Office for National Statistics. The full picture for the third quarter will not be evident until November when the ONS publishes initial GDP figures for September.

Andy Haldane wearing a suit and tie smiling and looking at the camera: Andy Haldane, chief economist at the Bank of England. Photograph: Sarah Lee/The Guardian

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Andy Haldane, chief economist at the Bank of England. Photograph: Sarah Lee/The Guardian

This week’s figures for August are likely to confirm that the UK enjoyed a historic bounceback in the summer, following the unprecedented 19.8% decline in output in the second quarter.

The recession across the first and second quarters was the deepest on record as the pandemic and lockdown froze much economic activity. The coming weeks will test conflicting interpretations of the pace of the recovery since then, and whether schemes such as the August “eat out to help out” subsidy for the stricken restaurant and hospitality sector are visible in broader economic figures.

Haldane is firmly in the optimists’ camp. He bemoaned recent media coverage, suggesting that a lack of “balance” in reporting may itself restrain the economy’s fightback.

“Now is not the time for the economics of Chicken Licken,” Haldane wrote, pointing to coverage of June growth figures that focused on the overall picture

Timothy LongMarc Turner

Timothy has been raising money for the Ellen MacArthur Cancer Trust

Timothy Long has become the youngest person to sail around Britain at just 15-years-old.

It took 11 weeks and Timothy had to battle through giant waves, gale-force winds and sail for 24 hours straight.

He set sail on 16 July from Hamble Marina, Hampshire, sailing anti-clockwise around the coast and arrived back to the marina on Thursday.

Timothy Long and his parentsRound Britain 2020 Project

At some points of the 1,600-mile long journey, Timothy only slept for 20 minutes at a time.

It was all to raise money for the Ellen MacArthur Cancer Trust and Timothy raised a massive £7,300, which helps young people rebuild their confidence after cancer through sailing.

Ellen MacArthurGetty Images

The Cancer Trust was named after Timothy’s idol, Ellen MacArthur.

Dame Ellen MacArthur is a sailor who broke the world record for the fastest solo circumnavigation of the globe in 2005.

Timothy’s route was very similar to the route she took when she sailed around Britain as an 18-year-old in 1995.

He travelled on average 50 miles every day, but some parts of the journey were up to 100 miles a day.

White cliffs of DoverGetty Images

There are extreme tides in the British Channel so anyone sailing in it needs to know how to fix a boat

Timothy commented on his JustGiving page, saying: “This is by far the hardest thing that I have ever done because when you are solo sailing there is no one there to help – no support boat, nothing.”

Timothy LongMarc Turner

Timothy is going back to school on Monday!

Dame Ellen also spoke about Timothy’s achievement, calling it an incredible achievement.

“While Timothy will always have the personal satisfaction of that achievement, the legacy of what he’s done will be even more far-reaching in terms

Watch: More than 7,500 finance jobs leave Britain for Europe following Brexit talks

More than 7,500 finance jobs and a trillion pounds in assets have left Britain for the European Union, said consultants EY on Thursday.

The exodus by banks follows fears of a full-blown Brexit in January as the UK transitions out of the EU.

Banks, insurers and asset managers have created new or expanded existing hubs in the single market to serve clients as the transition gets underway so that if future access is limited once the transition arrangements expire on 31 December, customers’s needs will still be met.

Despite the news, the movement of jobs and assets is a fraction of total jobs and assets held in Britain’s financial sector.

There could still be more staff and operational announcements in the weeks before the year end, said Omar Ali, UK financial services managing partner at EY, who was discussing the latest results from the firm’s quarterly Financial Services Brexit Tracker.

More than 7,500 finance jobs and a trillion pounds in assets have already left Britain for the European Union, according to EY. Photo: Dylan Martinez/Reuters
More than 7,500 finance jobs and a trillion pounds in assets have already left Britain for the European Union, according to EY. Photo: Dylan Martinez/Reuters

“Firms must now ensure that as a minimum they will be operational and can serve clients on the 1st of January 2021,” Ali said.

Banks and other institutions have been making contingency plans since the UK voted to leave the EU on 23 June 2016.

On the heels of that news, consultancy Oliver Wyman estimated that around 3,500 jobs would be lost even if the UK retained close links to Europe and as many as 75,000 finance jobs could be lost in a hard Brexit scenario.

Former London Stock Exchange CEO Xavier Rolet said LSE customers simply “would not wait” for clarity over Britain’s divorce from the EU before moving and that

By Gabriela Baczynska and John Chalmers

BRUSSELS, Oct 1 (Reuters)British and EU trade negotiators have failed to close the gap on state aid, a key element barring their new agreement on post-Brexit trade ties, officials and diplomatic sources with the bloc said as 27 national leaders gather in Brussels on Thursday.

The two-day summit in Brussels is due to deal with foreign policy but chairman Charles Michel and the bloc’s executive will also on Friday give their latest assessment on Brexit.

Disagreements over corporate subsidies, fisheries and ways to solve disputes have overshadowed trade talks, while a proposed UK law that would undermine its earlier divorce deal with the bloc triggered a new crisis last month.

Britain’s lower house of parliament approved the Internal Market Bill on Tuesday and it is now with the House of Lords. Britain say ensuring that its nations can trade freely with each other after Brexit would require breaking the divorce deal provisions on the sensitive Irish border.

The executive European Commission, which negotiates with Britain on behalf of all the bloc’s members, wants London to agree to broad state aid rules that would be compatible with those the EU has.

The bloc wants an independent British regulator to decide on state aid there, as well as seeks a new EU-UK dispute settling mechanism that would create a new Joint Committee and an Arbitration Panel to adjudicate.

Should one side fail to honour decisions made through that process, the Arbitration Panel could impose fines and the other side could retaliate by hitting bilateral trade elsewhere.

“The problem is that the UK doesn’t want to follow that path,” an EU diplomat following Brexit told Reuters.

An EU official, who is involved in the talks, echoed that: “It remains to be seen if the