EU rebuffs Boris Johnson's latest Brexit concession on fish

[BRUSSELS] The European Union rejected the UK's latest concessions on fishing, two officials said, dealing a setback to efforts to secure a post-Brexit trade deal.

On Monday, the UK made an offer that would see value of the fish the EU catches in British waters shrink by 30 per cent, according to people familiar with the discussions. Last week, the UK insisted the EU accept a 60 per cent cut, but the bloc has refused to accept a reduction of more than 25 per cent.

With only nine days left before the UK leaves the bloc's single market and customs union with or without an agreement, there are few signs a deal is within reach.

The UK is also still opposed to the EU's demand that the bloc should be able to impose retaliatory tariffs, particularly on energy, if Britain rows back on any fisheries deal, a concept known as cross-retaliation. The UK has said it is prepared to accept penalty tariffs on fish - but not in other areas.

The European Commission is consulting member states on the British offer, and Michel Barnier, the bloc's chief negotiator, is scheduled to brief their 27 ambassadors at about 4 pm in Brussels on Tuesday. It's possible a compromise can still be reached, officials added.

BLOOMBERG