Tories and Labour Hold Secret Brexit Summit: Observer

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(Bloomberg) — UK politicians and business leaders met in “high secrecy” for a two-day cross-party summit to address the problems caused by Britain leaving the European Union, the Observer reported, citing documents it obtained.

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The meeting took place Thursday and Friday, and featured senior Tory and Labour politicians from both sides of the Brexit debate, according to the newspaper. It was aimed at discussing how the UK’s relations with neighboring European countries could be improved. A unidentified source who attended said there was a big focus on the downside to the UK economy amid global instability and rising energy prices, the Observer reported. 

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Levelling Up Secretary Michael Gove and senior members of Keir Starmer’s shadow cabinet were among those at the Ditchley Park retreat in Oxfordshire. Non-political attendees included prominent diplomats and defense experts, including Angus Lapsley, NATO assistant secretary-general for defense policy and planning and former chief Brexit negotiator Oliver Robbins, the Observer reported.

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The summit comes as UK Prime Minister Rishi Sunak directs senior civil servants and ministers to draw up plans for rebuilding the country’s relations with the EU after years of acrimony. Officials hope that in the coming days they will be able to announce a solution to the years-long dispute with the bloc over trade arrangements for Northern Ireland.

Last week two Bank of England officials warned that Brexit is helping to stoke inflation and is one of the factors pushing up interest rates. Chief Economist Huw Pill said Monday the trade blow dealt by the 2020 departure adds to risks of the UK economy overheating. Policy maker Catherine Mann earlier in the day said Brexit was a “unique” shock that’s fueling inflation in the UK. The UK economy is the only one in the G-7 to be in recession this year, according to the International Monetary Fund.