|

Ireland: UK cannot unilaterally scrap border backstop - Reuters

As reported by Reuters, Ireland is stepping up its involvement in the back-and-forth standstill between the EU and the UK as Brexit negotiations continue to go in circles over what to do about Ireland's southern border following Brexit.

Key highlights

(Irish) Prime Minister Leo Varadkar: Ireland is willing to examine ways in which a “backstop” to keep the Irish border open after Brexit could be reviewed so long as it does not permit Britain to unilaterally walk away from it.

The sides in the negotiations on the terms of Britain’s exit from the European Union have signaled progress on agreeing customs arrangements for an emergency Irish border fix but differences persist on the lifespan of the so-called “backstop”.

British Prime Minister Theresa May raised the possibility of a review mechanism for the backstop in a phone call on Monday with Varadkar that she had sought to update him on the current state of the talks, the Irish government said in a statement.

May told Varadkar that there would need to be a mechanism through which the backstop could be brought to an end, a spokesman from her office said in a statement.

The phone call followed a report by Britain’s Daily Telegraph newspaper that May’s Brexit Minister Dominic Raab had privately demanded the right to pull Britain out of the backstop after three months.

Varadkar separately told reporters that an expiry date of that nature would not be worth the paper it is written on.

With just five months until Britain is due to leave the EU, May has yet to nail down a divorce deal, with the insurance arrangement to keep open the border between British-ruled Northern Ireland and EU member state Ireland still the outstanding issue.

Author

Joshua Gibson

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

More from Joshua Gibson
Share:

Editor's Picks

EUR/USD extends its optimism past 1.1900

EUR/USD retains a firm underlying bid, surpassing the 1.1900 mark as the NA session draws to a close on Monday. The pair’s persistent uptrend comes as the US Dollar remains on the defensive, with traders staying cautious ahead of upcoming US NFP prints and CPI data.
 

GBP/USD hits three-day peaks, targets 1.3700

GBP/USD is clocking decent gains at the start of the week, advancing to three-day highs near 1.3670 and building on Friday’s solid performance. The better tone in the British Pound comes on the back of the intense sekk-off in the Greenback and despite re-emerging signs of a fresh government crisis in the UK.

Gold picks up pace, retargets $5,100

Gold gathers fresh steam, challenging daily highs en route to the $5,100 mark per troy ounce in the latter part of Monday’s session. The precious metal finds support from fresh signs of continued buying by the PBoC, while expectations that the Fed could lean more dovish also collaborate with the uptick.

Litecoin eyes $50 as heavy losses weigh on investors

Following a strong downtrend across the crypto market over the past week, Litecoin holders are under immense pressure. The Bitcoin fork has trimmed about $1.81 billion from its market capitalization since the beginning of the year, sending it below the top 20 cryptos by market cap.

Japanese PM Takaichi nabs unprecedented victory – US data eyed this week

I do not think I would be exaggerating to say that Japanese Prime Minister Sanae Takaichi’s snap general election gamble paid off over the weekend – and then some. This secured the Liberal Democratic Party (LDP) an unprecedented mandate just three months into her tenure.

Ripple exposed to volatility amid low retail interest, modest fund inflows

Ripple (XRP) is extending its intraday decline to around $1.40 at the time of writing on Monday amid growing pressure from the retail market and risk-off sentiment that continues to keep investors on the sidelines.