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

  • The EU has forcefully rebuffed Theresa May’s vision for trade after Brexit, warning of the “negative economic consequences” of the British prime minister’s choices. Donald Tusk, the European Council president, warned the UK that it must lower its expectations for a future trade deal with Europe as he circulated draft guidelines for the talks. These instruct negotiators to take an austere approach, with extremely limited arrangements for regulatory co-operation, and make no mention of financial services, a vital export (The Financial Times). See here for a full version of the draft guidelines and here for Donald Tusk’s statement.
  • The UK will face “impediments” to receiving high-quality information from the EU’s law enforcement agency after Brexit, the organisation’s head warned on Wednesday, in a blow to Britain’s hopes of continued strong security co-operation with the EU after it leaves the bloc. Rob Wainwright, executive director of Europol, made the warning while giving evidence to members of the House of Lords about Britain’s security arrangements after it leaves the EU in March 2019. (The Financial Times)
  • Euroclear, the financial clearing house, has confirmed it is shifting the residence of its holding company from the UK to Brussels due to Brexit. The tax residence and domicile of the headquarters of the group, which underwrites trades between large financial firms, will move to the Belgian capital later this year. (The Independent)
  • Budget airline Ryanair has once again warned that time is running out to find a deal between the UK and the EU that will keep commercial planes flying across the region after Brexit. The airline has repeatedly raised this issue over recent months, saying last August that flights to popular summer holiday destinations are at risk. (The Financial Times)