The Latest: UK central bank to publish Brexit analysis

BRUSSELS (AP) — The Latest on Britain's upcoming exit from the European Union (all times local):

4:15 p.m.

Bank of England Governor Mark Carney has confirmed that the bank will publish an analysis of the economic impact of any Brexit deal the government reaches with the European Union.

In a letter to Nicky Morgan, who heads the parliamentary Treasury Select Committee, Carney said the bank will publish its analysis "in good time" before any parliamentary vote. He said it will also publish its economic analysis of what Britain faces if heading for a sudden exit next March with no deal on future relations and no transition.

May is in Brussels for an EU leaders' summit and trying to break the Brexit deadlock.

Since the Brexit vote in June 2016, the Bank of England has worked on the assumption that Britain's exit from the EU would be smooth, though with negative economic consequences.

Carney confirmed he warned the Cabinet last month of a worst-case scenario if Britain crashes out with no deal and no transition. Carney did not provide specifics but reports at the time said he warned that house prices could crash by a third.

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1:50 p.m.

Ireland's foreign minister says the European Union is open to extending Britain's post-Brexit transition period so that a permanent solution can be found to the Irish border problem.

Under current proposals, Britain will remain inside EU rules from the time it leaves the bloc in March until December 2020, to give time for new trade relations to be set up.

Many suspect that will not be enough time, which has led the EU to demand a "backstop" to ensure there are no customs posts or other controls along the border between the U.K.'s Northern Ireland and EU member Ireland. Disagreement over the backstop has brought divorce negotiations to a standstill.

Irish Foreign Minister Simon Coveney said Wednesday that EU chief negotiator Michel Barnier had suggested "more time in the transition period to agree an alternative solution to a backstop."

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1:50 p.m.

German Chancellor Angela Merkel says she still believes it's possible to conclude a "good" agreement with Britain before its withdrawal from the European Union in March, but is stressing that Germany also is preparing for the risk of a no-deal departure.

Merkel addressed the German parliament Wednesday ahead of an EU summit at which there appears to be little chance of a breakthrough on Brexit.

Merkel said: "The chance of achieving a good and sustainable withdrawal agreement in good time is still there, and it is really in the interest of our relations with Britain, in the interest of our economy ... and of course in the interest of people in our countries."

As for the future relationship with Britain, she said "it must always be clear that, although we want to avoid hardship, ultimately the difference between membership in the European Union and a partnership with the European Union as a third state must and will become clear."

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1:00 p.m.

The European Union's top trade official is playing down the importance of a U.S. announcement that it will pursue a trade deal with Britain, noting London cannot negotiate such pacts until it leaves the bloc.

The U.S. administration has notified Congress that it will seek trade pacts with the EU, Japan and Britain. President Donald Trump has long said he wants a deal with Britain, even as it negotiates a messy EU exit.

EU Trade Commissioner Cecilia Malmstrom recalled Wednesday that "the U.K. cannot negotiate any trade agreement as long as they are a member of the European Union."

Speaking ahead of a Brexit summit in Brussels, Malmstrom said the Europeans "see this merely as preparations being made by the U.S. to negotiate with them and others."

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10:05 a.m.

European Union leaders are converging on Brussels for what had been billed as a "moment of truth" Brexit summit but which now holds little promise for a breakthrough.

British Prime Minister Theresa May is set to urge her counterparts to give ground on Britain's departure from the bloc, while EU leaders hope she brings "concrete proposals" to break the deadlock.

EU Council President Donald Tusk says "creative" thinking is required to avoid a hard border between EU member Ireland and Northern Ireland in the U.K.

Britain leaves the EU on March 29 but a deal must be sealed soon so relevant parliaments have time to give their verdict.

Wednesday's summit comes as a new survey shows that 62 percent of Europeans consider EU membership to be a good thing.