Britain is likely to join the North American Free Trade Agreement (NAFTA) -- a trade deal between the US, Canada and Mexico -- in case it fails to reach a post-Brexit trade deal with the European Union.
Britain could join a formal trade alliance with the United States, Canada and Mexico if the European Union refuses to clinch a post-Brexit trade deal, the Daily Telegraph newspaper reported on Tuesday without citing sources.
Britain's government wants Brexit negotiations to succeed but is preparing for a scenario in which they could fail, Prime Minister Theresa May told her Conservative Party's annual conference on Wednesday.
The European Commission has shied away from ranking which cities should host Europe’s drugs regulator and banking authority after Brexit, saying the decision is up to the 27 member states which will remain.
The European Union and Britain have not made enough progress to move to the next phase of discussions on a transition period after Brexit or a future trade deal, according to EU chief Brexit negotiator Michel Barnier.
Ratings agency Moody's downgraded Britain's credit rating by a further notch, saying the government's plans to fix the public finances had been knocked off course and Brexit would weigh on the economy.
Prime Minister Theresa May called on Friday for Britain to stay in the European Union's single market during a roughly two-year transition out of the EU while offering concessions on a divorce deal as she appealed for a revival of Brexit negotiations.
The Governor of the Bank of England has warned that the major economic impact of Brexit has yet to be felt, but it was likely to spell a weaker economy, higher inflation and higher interest rates in the coming years.