[...] According to the informal deadline, unless London makes a big financial offer this month, the bloc may be unable to adopt guidelines for the transition talks at a crucial summit in December. [...]
One EU diplomat described it a “chicken and egg” dilemma, in which the EU will only start work on drafting transition guidelines if Britain shows it will make “sufficient progress” on financial issues before the end of November.
The guidelines would lay out the detailed conditions for a transition arrangement beyond March 2019. Although a final agreement could take several months to negotiate, the guidelines would outline the basic terms of a deal, offering a degree of reassurance to businesses as they near crucial decisions on contingency plans.
An internal EU27 planning document notes that the EU will “take stock” of negotiations in the week of November 20, with the aim of starting the formal meetings on the “elaboration of draft guidelines” by November 29. The UK side, by contrast, expects to make a move no earlier than the Budget on November 23, and possibly as late as December. If negotiations on money are still stuck and the EU timetable slips, EU negotiators are warning London that the EU27 may decide to adopt guidelines in 2018, seriously delaying a final transition deal. [...]
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