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Portrait of the week

Britain agrees to offer the EU a £40 billion divorce payment for Brexit

25 November 2017

9:00 AM

25 November 2017

9:00 AM

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The cabinet, including Boris Johnson and Michael Gove, agreed that the European Union would have to be offered something like £40 billion in the fond hope that at the summit on 14 December it would agree to start talking about a trade agreement. Michel Barnier, the EU negotiator, made a speech reminding the City that ‘The legal consequence of Brexit is that UK financial service providers lose their EU passport.’

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