>> A post-Brexit transition period is not a given. The latest warning from the European Union's Brexit negotiator Michel Barnier. Speaking in Brussels after the latest round of negotiations, he said London had raised substantial issues with the plan proposed by the block.>>
> We had agreed with the British team on an agenda this week covering Ireland, the governance of the withdrawal agreement and, of course, the transition.
We'd also planned an update by the UK on the future relationship. That update couldn't take place as planned this morning, due to a scheduling issue on the UK side.>> It comes just a day after Theresa May also received a stock warning from Japan. May met bosses from Japanese businesses, including Nissan, SoftBank, and Nomura, to discuss their concerns over trade barriers after Brexit.
>> If there is no profitability of continuing operation in UK, not Japanese only, no private company can continue operation.>> Profitability also weighing on the shoulders of one of Britain's biggest mortgage providers. Profits fell 6% at Nationwide Building Society in the nine months to the end of December, thanks to a fall in consumer spending since the country's vote to leave the EU.
It's one of the strongest indications yet from a major lender of Brexit's impact, and a lack of progress in talks isn't helping. Sterling weakened against the euro as Barnier listed London's issues with the two-year transition period. These range from EU citizens' rights to the rules Britain must adhere to for access to the single market during the two years.