United Kingdom and European Union fail to reach an agreement

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Sterling edged towards an eight-day low on Wednesday as growing uncertainty over the progress on Brexit negotiations weighed on the British currency with some investors unwinding long positions after a recent rally.

"We must develop a new paradigm for our future trading relationship in financial services", he said. "We are very close but we're not there yet", he added.

"The EU have said they need to know by this week what the position of the United Kingdom is, as they need to prepare for the summit next week and markets are a bit nervous", said John Marley, head of FX strategy at Infinity global, a currency risk management firm.

They once ruled out paying an exit bill.

Mike Smithson, an election analyst and a former Liberal Democrat politician, said on Twitter it was "the first time any pollster has recorded backing" for a second referendum.

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Britain wants to protect its existing trading arrangements with the European Union, and the type of deal the European Union has struck with other countries in the past is not acceptable, Hammond said.

The meeting is seen by the European Union as a deadline to agree on whether talks can move on to begin discussing post-Brexit trade.

May said "a lot of progress has been made, but on a couple of issues some differences do remain which require further negotiation".

A deal between May and European Commission president Jean-Claude Juncker on Monday had been widely touted after Britain approved a draft agreement that would have put Northern Ireland in "regulatory alignment" with EU-member Ireland.

All sides are agreed they do not wish to see the return of a hard border between Northern Ireland and the Republic. Meanwhile, Scotland, Wales and London have all come out and said they want some of the special treatment Northern Ireland might be getting, and hardliners in the Conservative party have come down firmly in support of the DUP's position, mainly because "regulatory alignment" in Ireland - in effect, leaving Northern Ireland in something like the single market and customs union - could make it hard if not impossible to strike the bold free-trade deals with the rest of the world that the Brexiters see as one of the main points of Brexit.

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