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German Chancellor Angela Merkel, center-forward, votes at a meeting of the German Federal Parliament, the Bundestag, at the Reichstag headquarters in Berlin, Germany, on Wednesday, November 21, 2018. (Michael Sohn / Associated Press)
LONDON – Latest news from the negotiations on the UK's exit from the European Union (local time):
12:35
Germany is trying to facilitate the dismissal of the main bankers in exchange for severance pay, with the aim of making the country a more attractive place for banks seeking to leave London after Brexit.
The Finance Ministry confirmed Wednesday the newspaper Frankfurter Allgemeiner Zeitung that a bill was under discussion in the government.
Germany has much more restrictive rules on dismissal than Britain. This is seen as a disincentive for UK banks to transfer their operations to the German financial center of Frankfurt when the UK leaves the European Union.
The project plans to remove the requirement for banks to justify terminating a contract with a well-paid employee who is considered a "risk bearer", such as department heads or large traders.
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12:25
British Prime Minister Theresa May said that if Parliament rejected the draft divorce agreement with the European Union, the UK might not leave the bloc at all.
The withdrawal agreement has aroused strong opposition from UK lawmakers – particularly Brexit-minded politicians who want the UK to break with the EU. They say that the agreement will keep Britain in compliance with European rules on which it has no voice.
Andrew Rosindell, a Conservative MP from May, urged her on Wednesday to change course and cut "the EU's tentacles on our cherished island nation".
During the Prime Minister's weekly question period in the House of Commons, May responded that Britain wanted "close trade relations with the European Union" after Brexit.
She warned that if Parliament rejected its agreement, it could mean "more uncertainty, more division, or it might not breed Brexit at all".
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10:30
German Chancellor Angela Merkel said she hoped that Spanish reservations regarding the status of Gibraltar after Britain's departure from the European Union could be overcome by the meeting of European leaders Sunday to approve the draft agreement on Brexit.
Speaking to lawmakers in Berlin, Merkel said that even though her government supported the agreement "we still have reservations from Spain and I can not say how we are going to solve this problem" .
The agreement, which specifies the conditions for the exit of Great Britain next year, must be approved by the European and British parliaments.
Spanish Prime Minister Pedro Sanchez said Tuesday that his country would vote against the divorce agreement if the future of Gibraltar was not considered a bilateral issue between Madrid and London.
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9:45
British Prime Minister Theresa May travels to Brussels to meet with European Commission President Jean-Claude Juncker to finalize an agreement on Brexit between the UK and the EU.
The two sides agreed last week on a document that seals the terms of Britain's departure, but is still striving to reach an agreement on future relations.
European leaders are due to meet on Sunday to endorse the agreement, but points of disagreement remain. Spain said it would vote if Gibraltar's future was not seen as a bilateral issue between Madrid and London.
May is under intense pressure from British lawmakers in favor of Brexit and the EU who oppose the divorce agreement.
Before leaving for Brussels, she will face opponents of the agreement Wednesday during the weekly question-and-answer session of the Prime Minister in the House of Commons.
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