28 August
Theresa May has claimed that a no-deal Brexit “wouldn’t be the end of the world” as she downplayed a warning made by Philip Hammond last week that it would cost £80bn in extra borrowing.
May also referred to comments made by WTO boss Roberto Azevedo, declaring: “He said that it would not be a walk in the park but it wouldn’t be the end of the world.”
Article continues belowThe Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Barnier anxious about May’s Chequers plan
The EU’s chief negotiator Michel Barnier reportedly fears that May’s Chequers plan to ditch EU regulations on services would save British businesses billions of pounds a year
Politico has obtained details of an internal briefing given by Barnier where he “quoted an EU study which estimated that if the UK was freed from just seven unspecified regulations, it would provide savings for British businesses of €6 billion a year”.
The site adds: “Barnier’s team were adamant that if the UK formally put forward the plan then it should boycott the talks altogether.”
EU no-deal plans similar to the UK’s
The EU’s plans for a no-deal Brexit are very similar to those drawn up by the UK and should avoid chaos at British ports, according to The Sun.
“The thinking is we’ll keep things as they are because the regulatory platform is the same,” a European Commission source told the paper. “This will stay in place for a few months, and then there’ll be a mad dash to get a new agreement in place. The EU doesn’t want 20-mile tailbacks.”