• Brexit series: EU commission chief juncker tells UK to pay up for transition talks

    Source: FxWireCommentary / 13 Oct 2017 06:46:06   Eastern Standard Time

    Speaking at a forum in Luxembourg, the European Commission President Jean Claude Juncker, once again reiterated that the United Kingdom would have to pay the divorce bill that could amount to as much as €50 billion before talks could move forward on issues like trade and future relations. Earlier this week, EU’s chief negotiator Michael Barnier said that talks between the two have reached a deadlock and there has been no agreement on the Brexit bill.

    He added that the process is taking a much longer time than originally anticipated and it doesn’t look possible that the EU and the UK would be able to clear all the issues related to the divorce before the timeline ends. The EU and the UK would need to clarify on their future and trading relations before March 2019, after which the existing relation would just cease to exist if not approved for extension by all member states.  

    Mr. Juncker insisted that there is no revenge but the UK will have to pay the bill, “They have to pay. Not in an impossible way. I’m not in a revenge mood”.