The EU's chief Brexit negotiator, Michel Barnier, says the UK and the EU need to agree on a clear way of calculating how much Britain owes the bloc. Rough cut (no reporter narration).
ROUGH CUT. NO REPORTER NARRATION. The European Union's chief Brexit negotiator said on Wednesday (May 3) that London and the bloc need to agree on a clear way of calculating how much Britain owed before starting any talks about a future relationship. Speaking at a news conference four days after remaining EU leaders agreed their negotiating lines during an EU Summit, Michel Barnier dismissed criticism that the financial settlement, which media reports estimated at up to 100 billion euros, was aimed at punishing London, adding this was a matter of settling the accounts. EU leaders have agreed a two-phase approach to Brexit talks, with commitments on citizens' rights, the budget and borders in phase one, before talks about matters such as future trade relations between the bloc and Britain. Barnier said these negotiations will take time and that believing they can be done quickly and painlessly is an illusion: "as soon as the UK is ready to come to the table we will start negotiating. The clock is ticking."