Britain's Queen Elizabeth II laughs with US President Donald Trump during a state banquet at Buckingham Palace. — AFP Photo LONDON — US President Donald Trump meets outgoing Prime Minister Theresa May on Tuesday for trade-centred talks during his state visit to Britain, with protesters set to gather outside the gates. After a glittering banquet thrown by Queen Elizabeth II on Monday, the second day of Trump's trip turns from pomp and ceremony to politics and business. The president's three-day visit -- centred around Wednesday's D-Day 75th-anniversary commemorations -- comes at a tricky time for Britain, with May stepping down within weeks over her handling of Brexit. The UK-US "special relationship" has been under strain over different approaches to Iran, the use of Chinese technology in 5G networks, climate change, and Trump's personal politics. May is due to step down as leader of the governing Conservative … [Read more...] about Trump turns to trade talks on UK state visit
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Brexit is costing the UK economy $1 billion a week. And it could get worse Brexit has been delayed, and may eventually be called off. But it's already done major damage to the UK economy. The vote to leave the European Union in June 2016 caused the pound to weaken dramatically and ushered in years of uncertainty that has reduced economic activity and triggered a slump in investment. The economy is now 2% smaller than it would have been if the United Kingdom had chosen to remain in the bloc, according to the Bank of England. The economic output lost since the referendum is worth about £800 million ($1 billion) per week, or £4.7 million ($6 million) per hour. The economic consequences have piled up despite there having been no structural changes yet to Britain's trading relationship with EU nations or the rest of the world. Britain has continued to sell goods and services into the European Union, its biggest trading partner, while politicians worked to negotiate the divorce. … [Read more...] about Brexit is costing the UK economy $1 billion a week. And it could get worse
In order to remove the deadlock in Brexit talks, UK Prime Minister Theresa May and some UK leaders have recently carried out continuous “shuttle diplomacy” activities to Europe in search of concessions from the bloc. However, the UK seems to have encountered a tough “steadfast wall” from the EU leaders. EU’s chief Brexit negotiator Michel Barnier said that negotiations on the UK’s withdrawal from the EU now require a “decision” rather than “extra time”. Barnier emphasised the aforementioned message as he answered Europe 1 radio station. “We need decisions more than we need time actually, and everyone should be responsible for this”. The head of the EU negotiating team also confirmed that now the responsibility belongs to the UK and “London needs to take the consequences from its decisions”. The EU has repeatedly expressed its views on the Brexit negotiations. Recently, Reuters news agency cited the … [Read more...] about The UK at high risk of leaving the EU without a deal
UK vote designed to bring Brexit clarity. But can politicians finally agree? There is an over-used saying about negotiations with the European Union: "Nothing is agreed until everything is agreed." But in the case of Brexit, that agreement may never come. Britain's political deadlock over its biggest challenge for decades may never be broken. In a series of votes in Britain's House of Commons Tuesday evening, lawmakers will try to take control of Brexit from UK Prime Minister Theresa May's government, which has failed to get parliamentary approval for her plan for leaving the EU. Several amendments expected to be put to a vote should, in theory, finally bring some clarity over what kind of Brexit will win the most support. But that is only in theory. Even as events unfolded Monday, with momentum building around two key amendments, opposing factions were trying to block them. It is possible that, when the time comes for voting, just after 7 p.m. UK time, nothing will pass. And with … [Read more...] about UK vote designed to bring Brexit clarity. But can politicians finally agree?
UK seeks bilateral FTA with Vietnam in light of Brexit, source AFP Tran Ngoc An, Vietnam’s Ambassador to the UK, told VIR that the UK will officially leave the EU on March 29, 2019, which has prompted the country to strengthen its trade and investment ties with its partners. “Vietnam is viewed by British investors as one of the most attractive destinations for business in the Asia-Pacific region,” An said. “[Due to Brexit], the UK side has been proactively working with the Vietnamese side on boosting new bilateral co-operation mechanisms, including a potential free trade agreement (FTA).” An FTA refers to a free trade area where commerce in goods and services can be conducted across their common borders, without tariffs or hindrances. “I believe that if the FTA comes, a new wave of UK investments will hit Vietnam, and Vietnam-UK trade turnover will strongly increase,” An said. Economist Oliver Reynolds from Spain-based FocusEconomics, which … [Read more...] about UK seeks bilateral FTA with Vietnam in light of Brexit