FT News Briefing Brexit trade talks on a knife-edge, Brussels urged to heed climate science, Covid vaccines in India
Dec 7, 2020
Britain's trade talks with the EU are hanging in the balance, showcasing the ongoing tensions post-Brexit. There are urgent calls for Brussels to prioritize climate science in sustainable finance rules. Meanwhile, the AstraZeneca vaccine could soon be available for purchase in India, raising questions about vaccine access. Insights from Brussels reveal how the UK's departure influences future European dynamics, particularly in policymaking and budgetary matters.
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Brexit Trade Talks at an Impasse
- Brexit trade talks are on a knife edge, with deep divisions remaining between the UK and EU.
- Key sticking points include the "level playing field" and EU fishing rights.
UK's Absence Impacts EU Policy
- The EU's budget has increased significantly since the UK's departure, suggesting the UK acted as a restraining force on spending.
- The UK's absence is felt in policymaking, particularly regarding free markets, protectionism, and state aid.
UK's Shifting Role in Financial Regulation
- The UK played a significant role in EU financial regulation due to London's status as a major financial market.
- Now, the UK's financial sector is more of an onlooker, dependent on EU equivalence decisions.