Boris Johnson has not ruled out triggering the dispute mechanism against France as a row between the two countries over post-Brexit fishing rights escalates.
On Friday, France seized a British scallop trawler and threatened to block ports and increase checks on boats and lorries over the UK denying some boats a licence to fish in Jersey’s waters.
French President Emmanuel Macron raised tensions further with the UK after telling the Financial Times that the UK is risking its “credibility” after going back on commitments made to the EU with regards to fishing.
Speaking to Sky News’ Beth Rigby on Saturday ahead of the G20 summit in Rome, the PM reiterated that he will “do what is necessary to protect British interests” if ministers believe the French have breached the UK-EU trade agreement.
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UK-France fishing row intensifies
Addressing the diplomatic dispute, Mr Johnson admitted to Sky News that he is “worried” that the French may have broken the treaty with regards to fishing.
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Pressed on whether he could rule out triggering the dispute mechanism against the French next week, the PM added: “No, of course not, I do not rule that out.”
The dispute process would see a consultation period started, after which, if there is no solution found, an arbitration panel would be formed with compensation demanded or even the treaty suspended as punishment, according to the Commons Library.
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The row erupted after the UK authorities refused to give licences to 55 French fishing vessels to fish in UK waters because they believed they did not meet the requirements.
But the French claim the British are in the wrong and had threatened to make it difficult for UK fishers and lorry drivers in France.
Tensions escalated further after a British scallop trawler – named the Cornelis Gert Jan – was detained in Le Havre on Thursday.
Andrew Brown, head of public affairs for Macduff Shellfish, which owns the boat, said the charge “relates to fishing in French waters without a licence and that’s the bone of contention”.
“We believe we were fishing with a valid licence and the French authorities don’t,” he said.
As well as detaining the scallop trawler, France has also fined two other fishing vessels over the row.
Image: French President Emmanuel Macron came face-to-face with Boris Johnson at the G20 summit and will again at the upcoming COP26 climate conference
Mr Johnson said: “If another European country wants to break the TCA – the Trade and Cooperation Agreement – then obviously we will have to take steps to protect UK interests.”
“We are very keen to work with our friends and partners on all these issues,” he told Beth Rigby.
Pressed on whether the UK will launch a dispute settlement with France next week after Brexit minister Lord Frost told the EU on Friday that the UK government could launch proceedings if France goes ahead with its threats over the fishing row, the PM said: “If there is a breach of the treaty, or if we think there is a breach of the treaty of course we will do what is necessary to protect British interests.”
Asked if he believes there has been a rule-break, Mr Johnson said: “I am worried that there might be – and I am looking at what is going on at the moment, and I think that we need to sort it out.”
Image: Fishing boats moored in the port of Boulogne, France
Mr Johnson said the UK government “want to see that treaty observed”, but added that “the much more important issue” before world leaders today is climate change.
The PM and President Macron came face-to-face at the G20 summit in Rome this weekend and will do again at the COP26 climate conference in Glasgow.
Speaking on Friday, a Downing Street spokesman said Mr Johnson will have a “brush by” with the French president about the row at the COP26 climate summit in Glasgow, which starts on Sunday.
The spokesperson added that threats to “disrupt UK fisheries and wider trade, to threaten energy supplies… would put the European Union in breach of the Trade and Cooperation Agreement”.
Meanwhile, a letter seen by Sky News shows the French Prime Minister Jean Castex urging the EU to prove that there is “more damage to leaving the EU than to remaining there”.
In the letter to European Commission President Ursula von der Leyen, dated 28 October, Mr Castex states: “It’s essential to clearly show to European public opinion that respecting commitments isn’t negotiable and that it’s more damaging to leave the European Union than to stay in it.”
Mr Castex adds that the EU must demonstrate its “total determination” to force the UK to stick to the agreements it has made on fishing.
France says the decision from the UK and Jersey in September to deny fishing licences to French boats was a breach of the Brexit deal.
French officials have warned that they will prevent British boats from landing their catches in some French ports next week unless the row is resolved by Tuesday.
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Brexit: ‘These threats are not acceptable’
Speaking to Sky News on Friday, Environment Secretary George Eustice said the UK has issued post-Brexit licences to 1,700 vessels, including 750 French fishing boats, which amounts to 98% of applicants.
He said the remaining 55 vessels, despite the UK trying to help them with the data, could not prove they had fished in Jersey’s waters previously so could not get a licence under the trade and co-operation agreement with the EU.
Mr Eustice said: “We don’t know what we’ll do, they said they wouldn’t introduce these measures until Tuesday at the earliest, we’ll see what they do.
“But if they do bring these measures into place, well, two can play at that game and we obviously reserve the ability to respond in a proportionate way.”
The French ambassador to the UK was summoned to Downing Street on Thursday over the issue.
South Korea is preparing to impose bank-level, no-fault liability rules on crypto exchanges, holding exchanges to the same standards as traditional financial institutions amid the recent breach at Upbit.
The Financial Services Commission (FSC) is reviewing new provisions that would require exchanges to compensate customers for losses stemming from hacks or system failures, even when the platform is not at fault, The Korea Times reported on Sunday, citing officials and local market analysts.
The no-fault compensation model is currently applied only to banks and electronic payment firms under Korea’s Electronic Financial Transactions Act.
The regulatory push follows a Nov. 27 incident involving Upbit, operated by Dunamu, in which more than 104 billion Solana-based tokens, worth approximately 44.5 billion won ($30.1 million), were transferred to external wallets in under an hour.
Regulators are also reacting to a pattern of recurring outages. Data submitted to lawmakers by the Financial Supervisory Service (FSS) shows the country’s five major exchanges, Upbit, Bithumb, Coinone, Korbit and Gopax, reported 20 system failures since 2023, affecting over 900 users and causing more than 5 billion won in combined losses. Upbit alone recorded six failures impacting 600 customers.
The upcoming legislative revision is expected to mandate stricter IT security requirements, higher operational standards and tougher penalties. Lawmakers are weighing a rule that would allow fines of up to 3% of annual revenue for hacking incidents, the same threshold used for banks. Currently, crypto exchanges face a maximum fine of $3.4 million.
The Upbit breach has also drawn political scrutiny over delayed reporting. Although the hack was detected shortly after 5 am, the exchange did not notify the FSS until nearly 11 am. Some lawmakers have alleged the delay was intentional, occurring minutes after Dunamu finalized a merger with Naver Financial.
As Cointelegraph reported, South Korean lawmakers are also pressuring financial regulators to deliver a draft stablecoin bill by Dec. 10, warning they will push ahead without the government if the deadline is missed.
The ruling party’s ultimatum follows slow progress and repeated delays, with officials hoping to bring the bill to debate during the National Assembly’s extraordinary session in January 2026.
Millionaire Tory donor Malcolm Offord has defected to Reform UK, saying he would be campaigning “tirelessly” to “remove this rotten SNP government”.
Nigel Farage announced the former Conservative life peer’s defection during a rally in the Scottish town of Falkirk, where regular anti-immigration protests have taken place outside the Cladhan Hotel – which is being used to house asylum seekers.
Mr Farage, Reform UK’s leader, said he was “delighted” to welcome Greenock-born Lord Offord to Reform, describing his defection as “a brave and historic act”.
He added: “He will take Reform UK Scotland to a new level.”
During a speech, Lord Offord, who previously donated nearly £150,000 to the Tories, said he would be quitting the Conservative Party and giving up his place in the House of Lords as he prepares to campaign for a seat in Holyrood in May.
The 61-year-old said he wanted to restore Scotland to a “prosperous, happy, healthy country”.
“Scotland needs Reform and Reform is coming to Scotland,” he told the rally.
“Today I can announce that I am resigning from the Conservative Party. Today I am joining Reform UK and today I announce my intention to stand for Reform in the Holyrood election in May next year.
“And that means that from today, for the next five months, day and night, I shall be campaigning with all of you tirelessly for two objectives.
“The first objective is to remove this rotten SNP government after 18 years, and the second is to present a positive vision for Scotland inside the UK, to restore Scotland to being a prosperous, proud, healthy and happy country.”
The latest defection comes as Mr Farage finds himself at the centre of allegations of racism dating back to his time in school.
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Claims made against Nigel Farage
Sky News reported on Saturday that a former schoolfriend of Mr Farage claimed he sang antisemitic songs to Jewish schoolmates – and had a “big issue with anyone called Patel”.
Jean-Pierre Lihou, 61, was initially friends with the Reform UK leader when he arrived at Dulwich College in the 1970s, at the time when Mr Farage is accused of saying antisemitic and other racist remarks by more than a dozen pupils.
Mr Farage has said he “never directly racially abused anybody” at Dulwich and said there is a “strong political element” to the allegations coming out 49 years later.
Reform’s deputy leader Richard Tice has called the ex-classmates “liars”.
A Reform UK spokesman accused Sky News of “scraping the barrel” and being “desperate to stop us winning the next election”.
The European Commission’s proposal to expand the powers of the European Securities and Markets Authority (ESMA) is raising concerns about the centralization of the bloc’s licensing regime, despite signaling deeper institutional ambitions for its capital markets structure.
On Thursday, the Commission published a package proposing to “direct supervisory competences” for key pieces of market infrastructure, including crypto-asset service providers (CASPs), trading venues and central counterparties to ESMA, Cointelegraph reported.
Concerningly, the ESMA’s jurisdiction would extend to both the supervision and licensing of all European crypto and financial technology (fintech) firms, potentially leading to slower licensing regimes and hindering startup development, according to Faustine Fleuret, head of public affairs at decentralized lending protocol Morpho.
“I am even more concerned that the proposal makes ESMA responsible for both the authorisation and the supervision of CASPs, not only the supervision,” she told Cointelegraph.
The proposal still requires approval from the European Parliament and the Council, which are currently under negotiation.
If adopted, ESMA’s role in overseeing EU capital markets would more closely resemble the centralized framework of the US Securities and Exchange Commission, a concept first proposed by European Central Bank (ECB) President Christine Lagarde in 2023.
EU plan to centralize licensing under ESMA creates crypto and fintech slowdown concerns
The proposal to “centralize” this oversight under a single regulatory body seeks to address the differences in national supervisory practices and uneven licensing regimes, but risks slowing down overall crypto industry development, Elisenda Fabrega, general counsel at Brickken asset tokenization platform, told Cointelegraph.
“Without adequate resources, this mandate may become unmanageable, leading to delays or overly cautious assessments that could disproportionately affect smaller or innovative firms.”
“Ultimately, the effectiveness of this reform will depend less on its legal form and more on its institutional execution,” including ESMA’s operational capacity, independence and cooperation “channels” with member states, she said.
Global stock market value by country. Source: Visual Capitalist
The broader package aims to boost wealth creation for EU citizens by making the bloc’s capital markets more competitive with those of the US.
The US stock market is worth approximately $62 trillion, or 48% of the global equity market, while the EU stock market’s cumulative value sits around $11 trillion, representing 9% of the global share, according to data from Visual Capitalist.