Please see below for today’s update on key Brexit news items:

  • Brexit Secretary David Davis has stated that the UK will not pay a 100 billion Euro “divorce bill” in order to leave the EU (the EU’s revised calculations as previously reported by the Financial Times). Conversely, EU chief negotiator Michel Barnier has said that while there is no desire to punish UK and there is not yet an agreed figure, the UK has an account which must be settled. These statements come as tension between the UK and the EU mounts in the lead up to negotiations over the UK’s departure. (BBC)
  • Theresa May has accused individuals in Brussels of not wanting Brexit negotiations to be a success. Her comments follow reports of Commission President Jean-Claude Juncker leaving London “10 times more sceptical” than he was before dinner with May last week. (CNBC)
  • One of JP Morgan’s senior executives has indicated that the bank intends to focus its operations on the European continent following Brexit and will relocate up to 1,000 people to facilitate this. This follows Standard Chartered’s announcement yesterday that it will open a Frankfurt subsidiary to secure access to Europe after the UK has left the EU. (The Guardian)
  • A leaked Spanish government report has suggested that Spain will use its veto over the future of Gibraltar in Europe. The Spanish Government intends to target what it considers to be Gibraltar’s unjustifiable tax privileges in the Brexit negotiations. (Telegraph)