London has announced its priorities in the negotiations over Britain’s exit from the European Union. According to British Prime Minister Theresa May, the upcoming talks will focus on the UK’s finance sector and jobs. An ageement on the terms of the transition period following Brexit is expected to be reached by the end of March.
As a result of Britain’s exit, the EU budget will lose funds worth 12-15 billion euros every year, said Gunther Oettinger, the European Commission member responsible for negotiating and managing the EU budget. According to him, about 10% of the EU budget has been formed at the expense of Britain. Brussels will have to save 6-7 billion euros by 2020 and will have to seek additional funds.
London and Brussels have agreed upon basic terms of the agreement on Britain’s withdrawal from the EU. These include the UK’s financial obligations to Brussels, the future rights of EU citizens, the Irish border issue, and other matters.
According to the head of the Diaspora Department of European Azerbaijan Society Orkhan Amashov, EU was initially proposing that all the issues be discussed step-by-step, but this is happening simultaneously, which benefits the British government.
As long as Brexit is concerned, the balance between the Brexiteers and remainers within the cabinet is still the same, but within the government at large, the number of Brexit supporters has increased, Mr. Amashov said.
Talks on trade ties between the EU and Britain are due to begin this spring.
Britain is set to formally exit the EU in March 2019. However, Prime Minister Theresa May has said the process may be extended. The extension could cause the country to incur extra expenses.