Sterling slumped overnight, and tensions between the UK and Europe escalated after EU negotiators hiked their initial demand for Britain's Brexit bill over recent weeks, widening the divide between Brussels and London, which in turn questions whether it owes anything at all before Brexit talks start next month. Hours before chief negotiator Michel Barnier was due to give more details on the EU's standpoint, the Financial Times said the EU might seek an upfront payment in 2019 of up to €100 billion, drawing an immediate rejection from Britain's Brexit Secretary David Davis that he would pay that sum.
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