The Latest: UK made no estimate of Brexit's economic impact

AP News
Posted: Dec 06, 2017 5:52 AM
The Latest: UK made no estimate of Brexit's economic impact

BRUSSELS (AP) — The Latest on Britain's talks to leave the European Union (all times local):

11:50 a.m.

The U.K. official shepherding Britain's departure from the European Union says no formal assessments have been made on the economic impact of leaving the 28-nation bloc.

Brexit Secretary David Davis told a House of Commons committee on Wednesday that the nation should be prepared for a profound shift in the way the economy operates on a scale similar to that of the 2008 financial crisis.

He says that since Britain must prepare for a "paradigm change," in the economy, any assessment in the automotive, aerospace financial services or other sectors would fail to be "informative."

But the Brexit committee's chair, Hilary Benn, described the decision as "rather strange" since authorities hope to renegotiate of Britain's trade relations with the rest of Europe within weeks.


9:30 a.m.

British Foreign Secretary Boris Johnson says Brexit negotiations must not be held up by disputes over Irish borders and that the issue should be tackled in phase two of departure talks.

Johnson said Wednesday that "the best way to sort it out is to get onto the second phase of the negotiations, where all these difficult issues can be properly teased out, thrashed out, and solved."

Britain and the EU came close Monday to agreeing on key divorce terms, including how to maintain an open Irish border after the U.K. — including Northern Ireland — leaves the EU.

But the agreement was scuttled at the last minute by a party that props up Prime Minister Theresa May's minority government.

May will hold talks with top EU officials later Wednesday.