Thread by @UKandEU

Yesterday, @MichelBarnier gave an update on the #Brexit negotiations.

So where have things got to?

@HusseinHKassim’s explainer tells you everything you need to know.

Here’s a quick summary…

ukandeu.ac.uk/explainers/the…

@Politics_UEA

#ThursdayThread

Seven formal rounds of talks have taken place so far.

The UK and the EU remain far apart on three main issues: fisheries, state aid rules and governance.

The talks have fallen behind schedule – there was supposed to be an agreement on fisheries by 30 June and a decision by the EU on financial services equivalence.

Both sides have recently talked up the possibility of no deal being reached.

The deadline for a deal is 31 December – the date when the transition period comes to an end.

A deal needs not only to be agreed by this date but also ratified.

To meet that deadline, an agreement ideally needs to be done by the European Council meeting in mid-October.

On the EU side ratification requires the approval of the European Parliament, which holds its last full meeting in mid-December.

Whether there’s a deal or not, relations between the UK and EU will change fundamentally from next year.

A deal would mean trade in goods would be tariff free, but there would still be more customs formalities, making trade more costly and time-consuming.

No deal would mean additional checks as well as tariffs on many goods coming into the UK from the EU and on UK goods being exported to the EU.

Keep an out for our NEW report later this month, which will set out all of the implications of no deal in more detail.