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The European Union’s chief Brexit negotiator, Michel Barnier, will propose that 15% to 18% of the fish quota caught in UK waters by EU fleets will be restored to the UK under a free trade agreement, RTE Europe Editor Tonny Connelly tweeted out on Friday.

“EU vessels catch on average €650 million in quota each year from UK waters, meaning Barnier’s offer would be worth up to €117m million,” Connelly added. “These would be in demersal and pelagic stocks.”

Market reaction

The GBP/USD pair recovered modestly from session lows on this headline and was last seen losing 0.18% on the day at 1.3330.

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