EU, France insist on fishing rights in post-Brexit talks with UK

Brexit: Boris Johnson warns UK would walk away with no trade deal rather than accept EU rules

Pound hit by Brexit fears after Johnson's tough talk

Barnier rolled out the European Union commission's plan for the talks (which still has to be adopted by member states at a meeting on 25 February), as British prime minister Boris Johnson a few hours later said the United Kingdom will not adhere to European Union rules.

With Britain's formal exit from the bloc on Friday night, many Britons had hoped to finally put the Brexit nightmare behind them.

With fresh negotiations set to begin next month over a UK-EU trade deal, Johnson is expected to threaten to walk away in a speech on Monday.

Both sides are preparing for talks on a new partnership - governing everything from trade and transportation to security and communications - and on Monday Prime Minister Boris Johnson and European Union negotiator Michel Barnier outlined their priorities.

Speaking at the same time in a different location, Mr Johnson said there was "no need for a free trade agreement to involve accepting European Union rules on competition policy, subsidies, social protection, the environment, or anything similar". "Time is short. We will negotiate in a fair and transparent manner, but we will defend European Union interests, and the interests of our citizens, right until the end", von der Leyen said.

The EU has repeatedly said Britain's access to European markets will depend on its willingness to sign up to EU standards.

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Under an EU-Canada agreement, import tariffs on many goods are eliminated but they still face customs and Value-Added Tax checks. We certainly don't want that to happen.

This totally contradicted the Political Agreement he signed along with the Withdrawal Agreement past year. Beneath the usual bluster and bravado, we can see Johnson clearly rattled by the scale of opposition to a U.S. trade deal - and so he should be.

The idea is to reach not only a free-trade agreement but also deals on other issues involving security and foreign policy.

Johnson insisted that the UK's food rules would be "governed by science" and dismissed fears that American food products could be damaging to public health as "mumbo-jumbo".

Brussels will offer a close post-Brexit trading relationship - but will demand tough terms on fisheries and a level playing field for businesses, he said.

We think more GBP weakness is in the cards this year, as we expect investors will become increasingly impatient with the lack of progress.

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Both parties have stated that the ambition is to strike a comprehensive free trade deal but it is also clear that the two parties have different priorities. After criticising his predecessor Theresa May's approach in negotiating a divorce deal with the EU, Johnson is striking a much tougher tone.

Since personal data would be crossing borders, Barnier stressed the importance of the European Court of Justice (ECJ) remaining the judicial body overseeing the relationship.

"We'll work to avoid that, but if we can't manage a deal by the end of the year, there will be a cliff edge on many fronts", Mr. Barnier said.

Barnier, who said he had a "very direct and frank relationship" with the prime minister, suggested it would not be possible to complete the whole deal within 11 months.

"Humanity needs some government somewhere that is willing at least to make the case powerfully for freedom of exchange, some country ready to take off its Clark Kent spectacles and leap into the phone booth and emerge with its cloak flowing as the supercharged champion of the right of populations of the earth to buy and sell freely among each other", Mr Johnson said.

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