No concrete progress on financial settlement as 2nd round Brexit talks end

BRUSSELS, July 20 (Xinhua) -- The European Union (EU) and Britain failed to bridge their differences on Brexit financial settlement as the second round of negotiations concluded here on Thursday.

Both sides recognize the importance of financial settlement, and talks this week were robust, said Britain's Brexit Secretary David Davis during a press conference following the talks, adding that Britain does not recognize the phrase "net flows" and will exercise rights and obligations.

Meanwhile, his EU counterpart, Michel Barnier, warned that as soon as UK is ready to clarify its position on finance, the two sides would start to negotiate.