Tusk calls on May to request Brexit extension to avoid ‘chaotic exit’: Donald Tusk, the European Council president, has urged Theresa May to take the “rational” step of requesting a Brexit extension in order to avoid a “chaotic” exit from the European Union on 29 March. Speaking after he met with the British Prime Minster on the sidelines of the Sharm el-Sheikh summit in Egypt, Mr Tusk said that delaying the UK departure would make sense because “it is clear there is no majority” for the withdrawal deal in the House of Commons. (FT)

Theresa May ‘focused’ on leaving the EU on 29 March, despite calls for delay: Theresa May says she remains ‘focused’ on leaving the EU on 29 March, despite calls from her own party for a delay. The PM said she had felt a “real determination” from EU leaders in recent days to find a “smooth and orderly way [to leave] with a deal”. However, Dutch PM Mark Rutte warned her that the UK was “sleepwalking into a no-deal scenario” and needed to “wake up”. Mrs May admitted there was “still more to do” before Parliament could vote on her final plan. (BBC)

Juncker and May vow to end Brexit negotiations before 21 March: Theresa May and Jean-Claude Juncker have promised to conclude EU-UK negotiations on the country’s Brexit deal before the bloc’s leaders summit in Brussels on 21 March. The UK Prime Minister and Juncker hailed “good progress” on three areas of talks over the UK’s Brexit pact. EU and UK negotiators have been working on amending the language in a political declaration on future relations, the need to explore “alternative arrangements” for an Irish backstop and further legal language that would give “additional guarantees” about the temporary nature of the backstop.(FT)

Labour prepared to back new Brexit referendum: Labour has said that it is prepared to back another EU referendum to prevent a “damaging Tory Brexit”. Jeremy Corbyn is to tell Labour MPs later that the party will move to back another vote if their own proposed Brexit deal is rejected on Wednesday. Labour are not yet making clear what their proposed referendum would be on. Ahead of a series of votes on Brexit on Wednesday, Labour also said the party will support a cross-party amendment, proposed by Labour’s Yvette Cooper and Tory MP Sir Oliver Letwin, designed to rule out the prospect of a no-deal exit. (BBC)

No-deal Brexit risks ‘full-blown economic crisis’, says aerospace trade body: The risk of a no-deal Brexit is turning into a “full-blown economic crisis”, the aerospace trade body has warned. ADS Group said it was now able to track “the very real economic damage being caused” by the continuing uncertainty over the UK’s exit from the EU. Its warning comes as insurance trade body, the ABI, said a no-deal Brexit “would be an unforgivable act of economic and social self-harm”. (BBC)

UK to keep trade penalties post-Brexit: Chinese car tyres, steel products and ceramic goods will continue to be penalised after Brexit, under trade remedy measures announced by the government. The European Union applies tariffs to imports that have been judged to be traded unfairly and the UK government said that 43 such remedies to trading will be maintained. They will be continued if the UK leaves the EU without an agreement or after the transition period. The International Trade Secretary Liam Fox also announced that 66 measures designed to protect European Union producers will not apply after Brexit. (BBC)

UK and US agree post-Brexit derivatives trading deal: UK and US markets regulators have finalised a sweeping long-term agreement to jointly oversee each other’s derivatives markets, providing a “bridge over Brexit” that removes concerns of turmoil if Britain leaves the EU without an agreement. The accord will close off the risk of huge disruption to banks, institutional investors and corporations, which use derivatives such as swaps and futures to hedge against movements in interest rates, currencies and commodities. Without such an accord, authorities warned that users would have faced much higher costs. The two sides, which together oversee the vast majority of the daily deals in the global derivatives market, unveiled their agreement in London on Monday. (FT)