EU may need to extend trade deal talks with UK, says von der Leyen
The European Union may have to extend the deadline for talks over a new trading relationship with Britain, according to European Commission President Ursula von der Leyen.
Von der Leyen told French paper Les Echos that both sides need to think seriously about whether there is enough time to negotiate a new trade deal.
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“It would be reasonable to evaluate the situation mid-year and then, if necessary, agree on extending the transition period,” she told the paper.
Britain has set a hard deadline of December 2020 to reach a new trade deal with the EU.
However, in interviews with City PM earlier this month, four former trade and business secretaries criticised Prime Minister Boris Johnson’s claims that he can strike a comprehensive trade deal with the bloc by then.
Britain is betting that Brussels will move quickly to seal a deal in the face of the prospect of a no-deal Brexit.
Sir Vince Cable, Lord Michael Heseltine, Lord Peter Mandelson and Lord John Hutton – all ex-presidents of the Board of Trade – raised a number of issues that could scupper the Prime Minister’s plans.
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One was that rushed talks would not yield a good deal for financial services firms, which make up seven per cent of the economy.
Von der Leyen said earlier this month that the timeframe is “extremely short” to discuss not only trade issues but also education, transport, fisheries and other issues.