Hammond to tell Europe Brexit deal is in 'your interest'

The first page of the leaked document

The first page of the leaked document

The President of the European Council made the comments at a joint press conference with Taoiseach Leo Varadkar today.

"As long as the United Kingdom doesn't present such a solution, it is very hard to imagine substantive progress in Brexit negotiations", said Mr Tusk after the meeting.

He added: "The risk of".

Responding to Mr Tusk's remarks, DUP MEP Diane Dodds said his "Ireland first" plan could actually harm Irish businesses.

Slides previously released by the European Commission, the EU's executive arm, stated that selling services under "host-state rules" means there will be no "mutual recognition" of regulations.

Britain's government has said it does not want a customs union with the EU, without which the EU says it would need to regulate Northern Ireland's trade to avoid a return of customs checks.

The Investment Association said protecting the ability of asset managers in Britain to serve EU-based clients was critical to avoid disruption to Europe's economy and to protect the integrity of the wider financial services industry in the UK.

He said at a meeting in Brussels: "I think it's in our interests".

Britain argues that Brussels should be able to offer its financial services sector, which generates more than 10 percent of national output, special access to the Single Market, as all British laws are already fully in line with those of the European Union and possible divergence later could be managed to minimise changes.

The dire warning was accompanied by a brutal putdown of Philip Hammond over his plea to include financial services in a bumper trade deal.

In response to the Chancellor's call on Wednesday for a bespoke free trade agreement (FTA) including financial services, Mr Tusk said: "In the FTA we can offer trade in goods with the aim of covering all sectors, subject to zero tariffs and no quantitative restrictions".

Ryanair CEO Michael O'Leary warned that airlines would be forced to cancel post-Brexit services from March 2019 if no agreement was reached in the negotiations by September, as schedules are planned around six months in advance.

European Union law says the bloc may sign agreements establishing an "association" with third countries involving reciprocal rights and obligations, common action and special procedure. The document presents the vision of the institution on Brexit.

The key issue is the "divergence" between Britain and European Union on key market standards and controls, the guidelines say, adding: "This unfortunately will have negative economic consequences".

The current draft "has omissions and overreaches", Foster told reporters in Brussels on Tuesday after meeting with Michel Barnier, the EU's chief Brexit negotiator.

Eloise Todd, from the pro-EU group Best for Britain, fumed: "The Irish border is absolutely the issue that needs to be solved before discussions move on".

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