EU offers UK trade deal, limited access for banks

Brussels

THE European Union on Wednesday offered Britain a free trade agreement for their post-Brexit relationship, a draft text showed, outlining a much more limited cooperation than London had called for.

A draft joint position from the remaining 27 EU members, seen by Reuters ahead of its official publication later on Wednesday, said that the bloc was determined to foster a close partnership with Britain. "At the same time . . . being outside the Customs Union and the Single Market will inevitably lead to frictions . . . This unfortunately will have negative economic consequences," it read.