No Brexit deal today - GBP/USD crashes to support

Brexit divorce bill how much is £50bn worth

Europe open: Stocks climb as May flies to Brussels for Brexit talks

Preempting the mid-December summit, the Leave Means Leave group sent a letter outlining several terms, including calling for Britain to be beyond the jurisdiction of the European Court of Justice (ECJ) and for no new EU regulations to apply once Britain exits in March 2019. The other 27 have held a common front on making Britain pay for past commitments, but all have varying interests in a trade deal and so will want time to ensure the guidelines defend their own positions. There were indications of agreement on citizens' rights and of an understanding of how at least to move forward on the Irish issue to avoid holding up the rest of the package.

The EU has warned May that Sunday (10) is deadline if she wants leaders to approve the opening of Brexit trade talks at a summit next Thursday and Friday (14-15).

In addition, with the crisis wracking the German ruling elite, who have been unable to form a government since federal elections in September, the European Union leaders do not want to see the Brexit crisis escalated any further.

11 a.m. (1000 GMT) - European Commission President Jean-Claude Juncker and his Brexit negotiator Michel Barnier meet Guy Verhofstadt and his Brexit team from the European Parliament.

"Yet even as we get ready to leave, the European Union has insisted that the ECJ retains the right to rule on the rights of European Union citizens in the United Kingdom after Brexit". With the country's exit from the European Union membership, drug regulation, medicine delivery, and trading activities across Europe may almost arrive to a standstill, say experts.

3 p.m. - EU-27 envoys meet to prepare formal decision on sufficient progress to be taken at EU-27 summit on December 15 and to work on draft negotiating guidelines for future trade deal.

"The hope is that those (Monday) meetings will result in a momentum that can be carried into the leaders' summit the week after. and can allow this Brexit negotiation process to open up to phase two of discussions".

London has broadly agreed to numerous EU's divorce terms, including paying out something like 50 billion euros.

"In the final stretch of these complex negotiations, the prime minister is on a razor edge", he writes, and wonders whether Mrs May's latest concession to Brussels might now "unpin the Brexit hand grenade in the UK" and "ignite Belfast, and then Edinburgh and Cardiff" in revolt against her planned deal. British newspaper reports that it would cost up to 55 billion euros sparked only muted criticism from May's hardline pro-Brexit allies who once rejected big payments.

"I just don't see either side saying it's all fallen apart & back to the drawing board", says Neil Jones at Mizuho Bank in London, "the bottom line is Brexit breakthrough is to send the Pound higher".

Earlier, Tánaiste Mr Coveney said: "The indications we have is that we are in a much better place now than we have been in the negotiations to date". And a lot of progress has been made. A deal between London and Dublin on a "regulatory alignment" between Northern Ireland and the Republic of Ireland triggered angry responses in the United Kingdom, especially from the DUP. London says the detail depends on the future trade agreement.

Earlier, Mrs May's official spokesman said any agreement on the Irish border would protect the "territorial and economic integrity" of the UK.

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