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- Oct 02, 2024
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Starmer promises to ‘make Brexit work’ as he meets von der Leyen
Sir Keir Starmer promised a “pragmatic, sensible” approach to the UK-EU relationship in order to “make Brexit work” as he held talks in Brussels.
The Prime Minister met European Commission chief Ursula von der Leyen, saying he was determined to put the relationship with Brussels on a “stable, positive footing”.
Sir Keir is pushing for a better trading relationship and greater co-operation on defence and security measures as part of a drive to “reset” UK-EU ties.
He said: “I firmly believe that the British public want to return to pragmatic, sensible leadership when it comes to dealing with our closest neighbours, to make Brexit work and to deliver in their interests, to find ways to boost economic growth, strengthen our security and tackle shared challenges like irregular migration and climate change.”
He added that “in dangerous times we have a duty to work together to preserve stability and security”, referring to the crisis in the Middle East and the war in Ukraine.
Sir Keir said: “We are determined to put this relationship back on a stable, positive footing that I think we all want to see.”
Ms von der Leyen said the various arrangements put in place since the Brexit vote, including the Trade and Co-operation Agreement (TCA) needed to be fully implemented.
She said: “We have a set of solid agreements in place. We should explore the scope for more co-operation, while we focus on the full and faithful implementation of the Withdrawal Agreement, the Windsor Framework and the TCA.”
Keir Starmer met European Commission president Ursula von der Leyen at the European Commission headquarters in Brussels
Benjamin Cremel, Pool Photo via AP
2:50PM Is crude oil expected to go up more?
Oil prices are unlikely to surge much higher unless the conflict between Iran and Israel spreads to the wider Middle East, economists and analysts have said.
Brent crude oil is up 2.2pc today to more than $75, up from as low as $70 on Tuesday before Iran launched missiles at Israel.
George Lagarias, chief economist at Forvis Mazars, said: “The escalation of the Middle East conflict certainly adds a layer of uncertainty to the financial markets that rallied hard in September.
“Oil prices jumped on the news, and over the shorter term, upward pressures may well remain.
“Having said that, the conflict remains regionalised. If Saudi Arabia and other oil producers remain above the fray, we don’t believe that the prevalent scenario is a sustainable energy price rally, the kind that would reverse central banks’ determination to reduce interest rates in developed markets.”
Deutsche Bank analyst Jim Reid said that the latest rally was still a far cry from the surge in prices in April when Iran launched its last attack on Israel, sending Brent crude above $92 a barrel.
He said: “But then oil prices began to fall back in the days that followed as the White House sought to avoid an escalation, and as tensions eased.”
Susannah Streeter, head of money and markets at Hargreaves Lansdown, said market worries “are being mitigated by expectations that Saudi Arabia will turn on the taps more fully, and lower demand from China, but upwards pressure is likely to continue while uncertainty reigns about just how far conflict will spread”.
However, some believe the latest conflict poses a greater risk.
Analysts at Saxo said: “While multiple geopolitical price spikes this past year deflated almost as soon as they emerged, the recent escalation poses a threat to supply, primarily arising from the risk of an Israeli counterattack on Iran’s nuclear and energy infrastructure, and for now, this threat to supply will counter a resumption of Libyan production and general sluggish demand.”
10:34AM
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