Britain's Prime Minister Theresa May
Britain must step up contact with members of the European Union to try to get a Brexit deal as talks to leave the bloc enter a "crucial and intense phase", Prime Minister Theresa May agreed with her ministers on Tuesday.
Her spokesman told reporters that at a meeting of her cabinet of top ministers, her Brexit and foreign ministers said her plans to leave the bloc had received a "warm and positive" response during visits to EU capitals over the summer.
"The PM and ministers agreed on the importance of continued engagement with member states as the talks enter a crucial and intense phase," the spokesman said.
The UK's top share index rose on Monday, starting September on a stronger note as a weaker pound and a bounce across commodity stocks helped British equities outperform continental peers. The blue chip FTSE 100 index was up 0.8 percent at 7,493.04 points by 0857 GMT, while mid caps edged 0.2 percent higher.A rise in oil stocks contributed more than 13 points to the FTSE 100, the biggest sectoral boost to the index.Shares in Royal Dutch Shell and BP were up 1.5 percent and 1.2 percent respectively as the price of oil rose, supported by concerns that falling Iranian output will tighten markets once U.S. sanctions hit in November.A firmer copper price also buoyed UK mining stocks, with Glencore, BHP Billiton and Anglo American up as much as 1.4 percent.Other major stock markets across Europe were subdued on Monday, however, as investors fretted about an escalation in the trade war between the United States and China, which also weighed on Asian markets overnight."Investors still have mixed outlooks regarding the global trade situation as well as the turmoil in emerging markets caused by the recent Turkish Lira crisis and this means fewer traders are going long on stocks right now," Pierre Veyret, technical analyst at ActivTrades, said.A weaker pound was another factor keeping the FTSE in positive territory. A fresh round of Brexit-related headlines dented demand for the currency, as critics at home and abroad ramped up their opposition to Prime Minister Theresa May's plans for leaving the European Union.A depressed pound lifted the FTSE 100's big, dollar-earning constituents on the day.However, worries over Brexit kept investors cautious on UK equities."The UK is a defensive, high-dividend yielding market which might have a problem if bond yields move sustainably higher, and if global equities advance, as we expect," equity strategists at J.P. Morgan said in a note. They are underweight UK equities."We look for a stronger GBP, which will weigh on the performance of FTSE 100."Veterinary firm Dechra Pharmaceuticals was the biggest faller among mid cap stocks, its shares tumbling 15 percent and on track for their biggest one-day loss since January 2003.Dechra Pharma dropped after it said it would implement a plan to navigate a hard Brexit, adding that the measure may result in 2 million pounds ($2.6 million) of additional expense.Analysts at Investec said that while Dechra's preliminary results were ahead of their expectations, they were introducing some caution into their forecasts to reflect the potential impact of accounting standard changes, sanctions on Iran and a hard Brexit. BoE and UK finance ministry discussing extending Carney's time as governorUK factories feel pinch from global economy as export orders fall
Weak pound, higher commodity stocks boost Britain's FTSE 100
British Prime Minister Theresa May said she would not compromise with Brussels over her plans for Brexit as a media report said rivals in her party were set to publish their own proposal calling for a cleaner break with the European Union.With under two months before Britain and the EU want to agree a deal to end over 40 years of union, May is struggling to sell what she calls her business-friendly Brexit to her own party and across a divided country.The EU has tentatively welcomed what has become known as the Chequers plan, which is designed to protect cross-border trade, but difficult negotiations lie ahead."I will not be pushed into accepting compromises on the Chequers proposals that are not in our national interest," May wrote in the Sunday Telegraph newspaper."The coming months will be critical in shaping the future of our country and I am clear about my mission."May also said she would not hold a second referendum on Britain's EU membership, reiterating a long-held position in an attempt to counter increasingly vocal campaigning for another public vote on the terms of the divorce."To ask the question all over again would be a gross betrayal of our democracy," May said.May's plan would keep Britain in a free-trade zone with the EU for manufactured and agricultural goods. But some Brexit supporters have said that would mean parts of the British economy would still be subject to rules set in Brussels.Two of May's most senior lawmakers - Boris Johnson and David Davis - quit as foreign secretary and Brexit secretary respectively in July in protest at May's plan, saying it did not go far enough and would let down the millions of people who voted to leave the EU in the 2016 referendum.According to a report in the Sunday Times newspaper, leading Brexiteer lawmakers in May's party are ready to publish their own plan for Brexit ahead of the party's annual conference which begins at the end of September.That would be designed to heap pressure on May, who needs to get any deal with Brussels through parliamentary votes in Westminster before Britain is due to leave the EU on March 29 next year.May reiterated that Britain would be ready to leave the EU without a deal if the two sides cannot agree on the divorce terms. (Reporting by Kate Holton and William James Editing by Marguerita Choy and Dale Hudson)
PM May says Britain will not compromise over Brexit plan
EU and UK negotiators on Friday talked up prospects of agreeing a Brexit deal this autumn, citing recent progress in detailing very close security cooperation to take effect after Britain leaves the bloc.The European Union's Michel Barnier said it was "possible" to get an agreement in time for a summit of all the bloc's leaders in Brussels on Oct. 18-19, though added a delay into November was also possible .After his latest talks with Barnier, Brexit minister Dominic Raab said he was "stubbornly optimistic" and "as confident as before, if not more" that there would be a deal.EU's Barnier sees ambitious security partnership with Britain after BrexitThe two said they made progress over security cooperation, including on exchanging data."Europe's security is the United Kingdom's security," Raab told a joint news conference.Barnier said unresolved issues included geographical indications, the role of the EU's top court in policing the agreement, Euratom cooperation and data protection, among others. French, UK fishermen to seek scallops deal after sea skirmishes
EU, Britain talk up chances of autumn Brexit deal