May's Italian jobs

Theresa May will have multiple audiences in mind today when she stands up at around 3:15 p.m. (2:15 p.m. BST) in the medieval cloister of a one-time monastery in Florence to reboot her Brexit strategy.

First off she will seek to persuade Michel Barnier, the European Union’s chief negotiator, that she’s got what it takes to break the impasse in the divorce talks. Barnier was clear on Thursday that he wants to hear May give ground on issues preventing the EU from shifting the talks to trade. Those sticking points are money, citizens’ rights and the Irish border.

“If we want a deal, time is of the essence,” he said. “To make progress, we are waiting for clear commitments from the U.K.”


As Tim Ross reported on Wednesday, May has been considering using the speech to offer not just to pay for the transitional period she wants but also to be more constructive towards the larger Brexit bill.

Now the Financial Times reports she will also vow to strengthen legal protections for EU nationals living in the U.K. so that British courts are required to enforce their rights.

But Barnier is not May’s only target. She will also seek to go over his head to the EU’s 27 other leaders. It is they—not Barnier—who will ultimately decide when to allow talks to progress to trade. Her hope is they will see a political and economic rationale for doing so.

Both sides must be “imaginative and creative about the way we establish this new relationship,” May will say, according to her office. “It is in all of our interests to make the negotiations succeed.”

She also has domestic onlookers to keep onside, not least euroskeptic Foreign Secretary Boris Johnson, a week after he upended her planning by publishing his own Brexit strategy. Yet she knows June’s botched election also leaves her needing the support of those less zealous about Brexit, such as Chancellor of the Exchequer Philip Hammond.

The signal emerging from yesterday’s Cabinet meeting is that key ministers back her.

Hammond is getting the transition he spent the summer lobbying for, but in a sop to Johnson it will reportedly run for just two years rather than the three the chancellor and companies wanted. The Times reports the transition will be multispeed, with different sectors leaving at different times.

Barnier, though, reminded May on Thursday that any stopgap will require the U.K. to abide by the EU’s rules and budgetary demands.

May might also be drawing inspiration form Johnson. After he described a “glorious” outlook for Britain, she will say in Florence that “Britain’s future is bright.”



We’re Not Bridget Jones | The EU is no longer a lovelorn ex-girlfriend sobbing after being dumped, said EU competition chief Margrethe Vestager. “We’ve recovered from this Bridget Jones situation—sitting on the coach eating ice cream out of the box—and got on with our lives,” she told Bloomberg.

Bank Rules | The U.K. government told bankers and fund managers that it will try to negotiate a distinct regulatory framework from the EU after Brexit so as to secure an advantage for them, the FT reported.

Executive Worries | Brexit and U.S. President Donald Trump are the two biggest political risks, according to European companies surveyed by Swiss bank UBS. Some 43 percent expect to cut U.K. capacity “strongly” as a result of the country leaving the EU, the poll found.


Capita Slumps | The U.K. technology consultant had its worst stock slump of 2017, falling as much as 14 percent in London trading, as it said Brexit concerns are leading clients to further reduce spending. The company reported a 54 percent drop in major contract wins to £403 million in the first six months of the year. That reflected “belt-tightening” across a number of the company’s corporate clients, Nick Greatorex, newly installed interim chief executive earlier, said in a telephone interview.

Independent Poll | A BMG poll for the Independent of more than 1,400 U.K. adults showed 52 per cent want to remain in the EU, while 48 per cent would support leaving.

Bloomberg View | If May gets the substance right, she can still help her country avoid the very worst effects of Brexit, according to Bloomberg’s editorial board. Columnist Lionel Laurent also questions how strong a partner the U.S. will prove after Brexit.

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