UK NEWS: The EU rejects Iain Duncan Smith’s request to reduce Brexit costs

Iain Duncan Smith says the withdrawal agreement was negotiated by Boris Johnson

The European Commission has rejected a request from the top Tories to re-sign a Brexit withdrawal agreement to reduce the amount Britain has to pay to the EU.

Brexite, including Iain Duncan Smith, argued that the financial obligations signed by Boris Johnson were too great, that the agreement was “too expensive” and “denied the true national freedom”.

But speaking to reporters on Tuesday a spokesman for the European Commission said the financial phase of the agreement included “legal commitment”.

Sir Iain’s concerns are linked to the UK’s ongoing European Investment Bank loan, which he says will mean that the financial impact will go far beyond the 39 million business portfolio.

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“The Withdrawal Agreement is in place, it is now a strong document adopted by both parties and the basis on which both parties operate.

“In this document it is clear that the United Kingdom has taken a certain number of common legal obligations when it comes to its portion of the debt-related debt that would have been provided by the EIB when the UK was a member of the UK. The European Union.”

The level of financial implications is expected to depend on the levels of credit volatility by the European Investment Bank (EIB) and the European Financial Stability Mechanism, which the UK has contributed to in the past.

Sir Iain said the EU “wants our money and they want to stop us from competing” and that the Withdrawal Agreement “is helping them sadly”. He added that the offer meant that Britain would “enter into an EU loan agreement”.

Mr Duncan Smith voted against the agreement he criticized when it was tabled in parliament.

With trade talks showing little progress, Michel Barnier, EU-UK chief negotiator, on Tuesday reopened calls to EU countries and businesses to prepare for the end of the transition period.

“Changes are inevitable, even if there is no agreement on a new partnership,” Mr Barnier said. “Companies and citizens must be prepared.”

The UK, meanwhile, on Monday told pharmaceutical suppliers to rebuild Brexit curtains that do not happen every year, which is expected to disrupt shipments. Companies that had previously warned of this may not happen because of the pressure of the epidemic.

Major points of adherence to ongoing negotiations include regulatory co-operation, fisheries, justice and police co-operation, as well as the administration of any agreement. The next round will take place in Brussels on 17 August.

After a very recent round of news Mr Barnier said the trade agreement looked “strange”, but it could not be removed by the UK leaving its position.

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