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Corbyn to back second #Brexit referendum 

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British opposition leader Jeremy Corbyn (pictured) backed a move on Wednesday (19 June) for the Labour Party to change its Brexit policy and support a second referendum in all circumstances, The Times reported, citing a senior Labour source, writes Ishita Chigilli Palli

A paper by Corbyn’s head of policy, Andrew Fisher, recommends that Labour support a second referendum on any deal negotiated with Brussels, the newspaper reported, adding that most shadow cabinet members are yet to see the paper.

The shadow cabinet on Wednesday discussed the plan to make Labour’s stance decisively pro-remain, The Times reported.

Labour, which along with the Conservatives saw its support slump at the European elections as voters expressed their frustration over Brexit deadlock, is divided over whether to unequivocally support holding a second referendum.

Corbyn has so far only said the option of another Brexit vote should be kept on the table, along with a national election. The prospect poses a dilemma as many of the party’s supporters backed Brexit.

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EU tells UK to say how long it will align with EU financial rules

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Britain must spell out how far it wants to diverge from European Union rules if it wants access to the bloc’s financial market from January, a top European Commission official said on Tuesday (27 October), writes

Britain has left the EU and access under transition arrangements ends on 31 December. Future access for the City of London hinges on UK financial rules staying aligned or “equivalent” to regulation in the bloc.

John Berrigan, head of the European Commission’s financial services unit, said Brussels has asked London for more clarification on Britain’s intentions to work out what is an “acceptable level” of divergence.

“We are almost ready,” Berrigan told the European Parliament.

“There will be divergence... but we have to get some mutual understanding of how much divergence is likely to happen, and is that going to be sufficient to allow us to maintain an equivalence arrangement.”

Brussels has granted temporary access for UK clearing houses, but chunks of stock and derivatives trading would move from London to the bloc without equivalence.

Separately, Britain and the EU are discussing a trade deal which would contain only limited references to financial services to avoid tying the bloc’s hands, Berrigan said.

“We see our regulatory co-operation in the financial services field outside the agreement,” he said.

It would consist of a “forum” similar to what the bloc has with the United States to assess potential divergence in rules ahead of time, he said.

“What we don’t want is an equivalence regime that is constantly under threat,” he said.

“We will need at the outset the direction of travel the UK want to go... so we don’t have to keep talking in emergencies about whether equivalence can be maintained or not.”

Britain has said that while it won’t weaken its high regulatory standards, it won’t be a “rule taker” or copy every EU regulation word-for-word to obtain market access.

Berrigan said market participants are generally ready for the “unavoidably fragmenting event” that full Brexit will be in January.

No trade deal would make future cooperation in financial services far more challenging, he added.

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UK will not back down on fisheries policy in EU talks: Gove

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Britain will not back down on its demands to the European Union over fisheries, minister Michael Gove said in a 26 October letter sent to a minister in the devolved Welsh government, writes William James.

Responding to concerns set out by Jeremy Miles, Wales’s Minister for European Transition, Gove wrote: “I am afraid we strongly disagree with your premise that we should ‘back down’ on fisheries.

“The UK government’s view is that in all circumstances, the UK must be an independent coastal state, no longer be bound by the Common Fisheries Policy.”

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Brexit decision entirely separate from US election outcome says PM Johnson

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Britain’s decision on whether to agree a Brexit deal with the European Union is entirely separate to the outcome of the US election next month, Prime Minister Boris Johnson said on Monday (26 October), writes William James.

“The two things are entirely separate,” Johnson said, when asked about an Observer newspaper report that he was waiting to see the US result before making a Brexit decision, and whether he was concerned about the prospect of a Joe Biden presidency.

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