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Britain tested tentative compromise ideas on fisheries in the EU trade talks last week, Reuters reported on Tuesday, citing EU diplomatic sources.

Additional takeaways

“France rejected tentative ideas, other EU fishing countries were cautious and sceptical, asked for more detail.”

“Britain wants a WTO-style state aid subsidy system, and level playing field did not move in EU talks last week.”

“UK more or less in agreement with overarching governance deal for new EU ties but not with dispute resolution mechanism.”

“Last week’s EU-UK talks made no progress on phytosanitary controls for animals and animal goods crossing to Northern Ireland.”

“EU cannot deal with Britain if it passes Internal Market Bill breaching international law.”

“EU-UK disagreements on fisheries, level playing field, governance and animal checks all solvable on a technical level if there is a political green light.”

“EU-UK trade talks going badly but hope not lost yet on EU side for an eventual deal.”

Market reaction

The GBP/USD pair edged slightly lower and was last seen gaining 0.3% on the day at 1.2882.