Will UK and EU Achieve Brexit Deal in Near Future?

Forex News

The European Union and Great Britain stated that they want to conclude a Brexit deal in the next seven weeks. Still, senior officials on both sides admit this is unlikely. The both sides aim to finalize divorce terms by the middle of November. The EU summit beginning October 18 had been earmarked as the deadline.

Negotiations have been painfully slow since an agreement on a transitional period was reached in March. The two sides remain far apart on the thorniest subject: how to guarantee there will never be a hard border between the U.K. province of Northern Ireland and the Republic of Ireland. Even so, British officials insist they’re “confident” of getting a deal.

Achieving a Brexit deal in November is very important. It will allow enough time for the British and European parliaments to ratify the accord before Britain legally leaves the bloc. The lack of progress has weighed on the pound in recent weeks, amid warnings from senior ministers that Britain risks crashing out of the EU without any agreement.