Please see below for today’s key Brexit news updates:
- Britain and the EU have formally informed members of the World Trade Organisation how they plan to split up the EU’s tariff quotas and farm subsidies after Brexit in a plan already rejected by the White House. In a joint letter, the two parties said they had come to an agreement on a key aspect of trading relationships with the rest of the world after Brexit (The Guardian).
- UK chancellor Philip Hammond has said he will wait until the last possible moment before releasing large amounts of money to fund contingency plans for Britain leaving the EU without a Brexit deal. The chancellor said on Wednesday that the Treasury was already planning for the possibility of the UK leaving the EU with a “hard customs border” and no co-operation on data sharing as a result of a “bad-tempered breakdown in negotiations” (The Financial Times).
- In response to Philip Hammond, Downing Street has said that they will spend whatever is necessary to make sure the UK is ready for Brexit. A No 10 spokesman said £250m of new money has been allocated this year to prepare for leaving the EU, “including the possibility of a no-deal scenario.” Speaking at Prime Minister’s Questions, Theresa May said “where money needs to be spend it will be spent” (The BBC).
- Europe will be the big winner of Brexit, Germany’s economics minister said, as UK-headquartered companies move to the continent and Emmanuel Macron’s reform push leads to a new “spirit of revival” that will benefit the whole of the EU (The Financial Times).