After the post-Brexit agreement between the European Union and Britain failed to find a solution to the dispute, Britain today tried to offer a solution to the EU. This has successfully increased market expectations in the beginning.
However, the proposed solution offered by Britain on the issue of fishing rights has been rejected by the EU. As such, it adds to the pressure to reach an agreement on a post-Brexit trade agreement.
Boris Johnson today twice contacted European Commission President Ursula von der Leyen via phone call today in an effort to find a solution. The UK offers a solution by saying that the EU is only allowed to make fish in UK waters by 30% compared to 60% applied for by the EU.
The EU bloc has rejected the proposal, saying it is difficult for countries such as France and Denmark to accept it. Currently, there are only nine days left before the UK leaves the single market, either by agreement or without an agreement. ‘No deal’ will cause economic sectors in British waters to be at risk.
In addition to the value of the catch percentage which is a major issue, both parties also disagree on how long it will take for fishermen to adjust to the rules.
The UK on the other hand has demanded that the EU extend the transition period from 3 years to 5 years. On behalf of the EU, the EU wants to impose tariffs on UK goods in the future if the UK administration wants to restrict access to their waters. In a recent compromise offer, the UK said it would only accept fishing tariffs, not other sectors.
The pound is still depreciating against the US dollar by 0.35% at the 1.3415 exchange rate as of 9.30 p.m.
