EU rejects UK's Brexit offer on fish - report
By Michele Maatouk
Date: Tuesday 22 Dec 2020
(Sharecast News) - The European Union has reportedly rejected the UK's latest concessions on fishing.
On Monday, the UK made a proposal that would see the EU reduce the value of the fish it catches in UK waters by 30%, down from the 60% cut it was insisting the EU accept last week. However, sources cited by Bloomberg said the offer has been rejected.
The pound resumed its slide and by 1020 GMT the currency was trading down 0.5% against the dollar at 1.3397 and 0.2% versus the euro at 1.0970. The FTSE 100, which tends to benefit from a weaker pound, was up 0.3% at 6,435.81.
According to Reuters, EU Brexit negotiator Michel Barnier will update EU member states on Brexit talks at 3pm.
The UK and the EU have until 31 December to agree a trade deal. On Monday, the government insisted it would not extend the transition period despite growing calls for the deadline to be pushed back.
Neil Wilson, chief market analyst at Markets.com, said: "There will be a compromise, there has to be.
"It's always going to seem further away until the last leap of faith. It will all happen very quickly when it happens."
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