The UK government is shedding some of its illusions about Brexit, and softening its position

Step by step, the UK government is shedding some of its illusions about Brexit, argues Holger Schmieding (Berenberg). The United Kingdom has already accepted that it will have to meet the legally binding financial commitments it incurred while it was a member of the European Union (the so-called Brexit bill) and is going along with the EU's timetable for negotiations (divorce issues first, transition deal next, outlines of a future trade deal last). Last Friday saw another set of concessions being made by the Prime Minister.