Ignore Project Fear, Efta has a lot to offer Britain post-Brexit

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Scotland's Brexit secretary, Michael Russell, said he would publish the analysis if it was given to him, arguing that the public "has a right to know the impact on jobs and living standards of the United Kingdom government's decision to pursue the UK's exit from the EU".

The BCC said that while it would welcome a transition period, continued ambiguity as to where the relationship with the European Union was headed would hinder firms as they make investment and hiring decisions. Will Brexit mean that European Union citizenship is automatically reversed or will Brits retain these rights and, if so, under which circumstances? During that period it will have no say in European Union decisions, a point that's controversial in the UK.

The existence of the paper, leaked to the Financial Times, emerged following Barnier's meeting with UK Brexit Secretary David Davis in London on Monday.

On Tuesday night, the emergence of the leaked Brussels draft prompted Conservative backbencher Jacob Rees-Mogg, who leads an influential group of Brexit-supporting MPs, to step up his pressure on the Prime Minister.

The revelation will infuriate Tory Brexiteers and is a major blow for Theresa May who was aiming to get a transition deal signed off by the end of next month, according to the Daily Mail.

The clarification came on the eve of a visit to Downing Street by the EU's chief negotiator, Michel Barnier, and as officials in Brussels prepared to begin talks on the transitional arrangements. Britain said it disagrees with seven aspects of the so-called directives according to a person familiar with the talks.

BP profit surges as oil major leaves downturn behind
Downstream earnings were very strong, with an underlying replacement cost profit of $7.0 billion, 24 percent higher than 2016. Gearing, the ratio between debt and BP's market value, rose to 27.4% at the end of 2017 from 26.8% at the end of September.

"We refer the questions to the European Court of Justice", judge Floris Bakels said in a written verdict issued by the Amsterdam District Court, in the case which could have far-reaching implications for about a million British citizens living in Europe.

The draft treaty would allow Britain to merely "watch" the development of law, "strictly at the EU's invitation".

The committee is split between those including Chancellor of the Exchequer Philip Hammond who want to stay close to the bloc, and Foreign Secretary Boris Johnson, who wants to break free from European Union rules.

Banks Nomura, Daiwa Securities and Sumitomo Mitsui Financial Group have London bases but have already chose to set up operations in Europe to retain access to the single market as they await clarity on future trading arrangements. However, the EU's threat to restrict our single market access, while still taking huge amounts of money from us, now renders this period pointless.

Key government departments still need to recruit hundreds of staff and the closing down of pre-Brexit programmes in order to create time and resources for delivering Britain's exit is still to take place, the report concludes.