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Britain has for the first time conceded it will have to pay to leave the European Union. Until now the Conservative government has rejected even the idea of a payment, with foreign secretary Boris Johnson saying that Brussels can “go whistle” if it expects a divorce bill. The EU has consistently argued that negotiations cannot even begin unless the UK accepts its liabilities, which it estimates could be as much as €100bn. The move is likely to avert a full-scale clash over the exit bill as negotiators prepare for a round of talks on Monday, but it will prove a tough sell back home. One of the key claims of Brexit supporters ahead of the referendum to leave the bloc was that Britain would gain £350m per week after Brexit, which would be paid into the country’s National Health Service. The claim has been quashed since the referendum but many ordinary Britons continue to believe it.

The acknowledgment comes the day after Theresa May, the prime minister, tabled the repeal bill, the flagship piece of Brexit legislation that seeks to transpose EU law on to the UK statute book. Lawyers say it gives the government sweeping rights to make changes to EU law and Mrs May is already facing a backlash from Scotland and Wales, which say the bill does not give them sufficient powers. The opposition Labour party has also warned that it will block the legislation if changes are not made to strengthen workers’ rights. The FT’s Martin Wolf explains why he thinks Britain is incapable of managing Brexit. (FT, Bloomberg, Independent, Telegraph)

In the news

Censors erase Xiaobo tributes
Chinese censors are furiously trying to remove online praise for human rights activist Liu Xiaobo, who died in custody on Thursday. The Nobel Prize winner’s name, his English initials and even the term “RIP” and the candle emoji were censored on Sina Weibo, China’s equivalent of Twitter. Users got around the ban with creative use of vague expressions that did not directly mention Liu. Here is the FT’s obituary of China’s most prominent dissident. (FT)

Travel ban setback
A federal judge in Hawaii has ruled that grandparents and other relatives of US citizens are exempt from Donald Trump’s travel ban on six-Muslim majority countries, in a fresh courtroom defeat for the president’s executive order. (Reuters)

Trump celebrates Bastille Day
The US president has applauded the French military during the annual Bastille Day parade in Paris. As the military units marched on the Champs Elysee he was able to fire off some tweets, urging Republicans in the Senate to approve the party’s latest healthcare plan. (AP)

Asia’s climate catastrophe
There is a sobering new take on the impact of climate change on the world’s most populous region. More than three-quarters of the world’s cities most exposed to a 1m rise in sea levels are in Asia, seven of them in the Philippines, according to a report by the region’s main development bank. (FT)

‘Apocalyptic geopolitics’
A Catholic paper has offered a scathing critique of chief White House strategist Steve Bannon, who is Catholic, the Trump White House and “evangelical fundamentalism” in the US. The article has attracted attention because the writer, Father Antonio Spadaro, is very close to Pope Francis and the Vatican would have approved the paper’s publication. (Guardian, FT)

Goldman Sachs rips up dress code
The Wall Street Bank will allow its technology and engineering staff to show up for work in “totally casual” clothes in a bid to keep up with hip tech companies. But a dress code remains in place for Goldman’s bankers, including a ban on “short trousers” for men. (FT)

Test your knowledge of this week’s news with the FirstFT quiz. Which city hosted the most recent G20 summit?

The day ahead

US bank earnings
A test of whether the recent confidence in US bank stocks is justified comes today. Three of the four biggest US banks — JPMorgan Chase, Citigroup and Wells Fargo — kick off earnings season. Here are five things to watch. (FT)

What we’re reading

Think like a supermodel
Undercover Economist Tim Harford on how workers in the gig economy could in principle be empowered to channel their inner Linda Evangalista and walk out and take a better offer. FT)

Profiting from Venezuela’s crisis
Venezuela is being rocked by protests against basic goods shortages and corruption, which is why questions are being asked about a huge food business empire— and how the Bolivarian bourgeoisie are profiting from empty shelves. (FT)

Blankfein is back
Lloyd Blankfein survived cancer — now he’s pushing Goldman Sachs in a direction few other Wall Street groups are headed with a bold commitment to trading. (Bloomberg)

Odyssey in the Outback
The New York Times’ international photographer Adam Ferguson spent three months driving nearly 20,000km across Australia’s vast interior. He came back with portraits of remote, fascinating landscapes and a behind-the-scenes look at the slow erosion of traditional ways of life for ranchers, miners and even crocodile farmers. (NYT)

Turkey a year after the coup
Despite purging thousands — and jailing thousands more — on accusations of supporting last year’s coup, few of Turkey’s allies believe President Recep Tayyip Erdogan’s claims that exiled cleric Fethullah Gulen is solely responsible for masterminding the attempted putsch. (FT)

Gordon Ramsay’s second act
“Chefs cook better when they swear.” The Michelin-starred, F-word-fuelled, globally famous British chef explains why his appetite for success has never been stronger. (FT)

Video of the day

Black art: Malcolm X to Moonlight
Charlie Brinkhurst-Cuff visits Tate Modern’s exhibition of art by African Americans in the age of Black Power, and reflects on the visibility of black art and culture today. (FT)

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