Labour ready for serious Brexit talks if PM May willing to shift position

LONDON (Reuters) - Britain's opposition Labour Party is ready for serious discussion with Prime Minister Theresa May on Brexit, if May is ready to relax the 'red lines' she has so far set in negotiations, a Labour spokesman said on Wednesday.

May is due to meet Labour leader Corbyn at 1330 GMT on Wednesday to try and thrash out a Brexit compromise.

The spokesman acknowledged that time was running out to find a way to break the impasse in parliament over a plan to leave the European Union, and said that legally binding changes to the proposed future relationship with the EU could reduce Labour's concerns about the separate Withdrawal Agreement.

(Reporting by Elizabeth Piper and Kylie MacLellan, writing by William James)