When silence isn’t golden
The U.K. has now published a flood of documents on Brexit but remained silent on the one topic most likely to derail a deal : how much money it will pay the European Union. That’s a problem as talks resume next week with a deadline for making significant progress just eight weeks away. A continued reluctance to engage on the topic will prompt the EU to delay the start of talks on a long-term trade deal. Investors have noticed. The U.K. made concessions to the EU in some of its position papers, yet sterling still fell this week to its lowest closing level in eight years. “The thing that worries us is that it looks as if the negotiations over the bill are going to take a little bit longer,” said Mike Amey of Pacific Investment Management Co. “If we can’t agree the bill then we don’t even get through to the next round.” There is a combination of frustration and bewilderment at the U.K.’s approach and its failure to engage on some of the biggest issues, two EU diplomats te