German Minister Talks Up Possibility of Compromise on Brexit

The U.K. need not cut its trade and economic ties with the European Union if it seeks a deal that’s somewhere between the current single market and the World Trade Organization rules, a German minister told CNBC.

However, the British government has to be aware that it needs to compromise Jens Spahn, Germany’s deputy finance minister told CNBC on Monday.

“Who wants to have access to the internal market needs to accept the rules of the internal market and one of the rules is the freedom of movement,” he said.

“So if migration is an issue and I totally understand that then it’s going to be hard to have access to the internal market.”

The U.K.’s prime minister, Theresa May, is due to outline her Brexit priorities at a speech on Tuesday. Expectations are that she will seek to control the number of people entering the country — even if that means restricting the access that U.K. businesses have to the European common market.

According to Spahn, the EU and the UK need to work on a new relationship that is something between “what we have today and just WTO (World Trade Organization) rules.”

via CNBC

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