Free Trial

/BREXIT: Details from a Reuters sources piece....>

UK
UK: /BREXIT: Details from a Reuters sources piece on the Brexit backstop, which
make it sound difficult for Brexiteers/DUP to swallow:
- Draft envisages a July 2020 decision on how to keep the Irish border open
- If not, 2 choices for UK: 1) extend transition period ONCE beyond Dec 2020;
possibly until end-2021, or 2) 'bare-bones' customs arrangement covering entire
UK, with N Ireland aligned w EU rules.
- Customs arrangement option includes clauses to ensure 'level playing field',
with UK aligning to EU rules on state aid, environment and labour standards
- Mechanism to exit the customs arrangement are not finalised: EU wants a common
EU-UK arbitration mechanism ('Joint Committee'); if that can't decide, then it
goes to ECJ for guidance
- UK however wants to be able to walk away unilaterally

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.