There is increasing speculation that an agreement between the United Kingdom and the European Union on the Northern Ireland Protocol is close to being reached. According to the BBC, UK Chancellor Rishi Sunak visited Northern Ireland in December 2020 to discuss the post-Brexit trade arrangements for the region with the political parties.
The Prime Minister is due to speak with the main political parties again on Friday and his spokesperson has stated that “ministers continue to engage with relevant stakeholders to ensure any solution fixes the practical problems on the ground, meets our overarching objectives and safeguards Northern Ireland’s place in the UK’s internal market”. Furthermore, the BBC has suggested that if the UK and the EU can come to an agreement, a deal on the Northern Ireland Protocol could be struck as early as next week.
In terms of the currency markets, the Euro has been faring better against the Pound recently and has been rising towards the 0.90 area. The bulls have taken control of the market and the pair is trading within an ascending channel.
The UK and the EU have been in negotiations over the Northern Ireland Protocol since the UK left the EU in January 2020. The Protocol is a part of the Brexit Withdrawal Agreement, and it is designed to ensure the continuation of the open border between the Republic of Ireland, which is an EU member state, and Northern Ireland, which is part of the UK.
The Protocol has been a source of contention between the UK and the EU, with the UK government claiming that the Protocol has caused significant disruption to the flow of goods between Great Britain and Northern Ireland. The UK government has also argued that the Protocol has undermined the UK’s sovereignty over Northern Ireland, as it has forced the UK to comply with EU customs and regulatory rules.
The EU has maintained that the Protocol is necessary to protect the peace process in Northern Ireland, and to ensure that the open border between the Republic of Ireland and Northern Ireland is maintained. They have also argued that the Protocol is necessary to ensure that the UK does not gain an unfair competitive advantage over EU member states.
The UK and the EU have been in intense negotiations over the Protocol since the UK left the EU in January 2020. The negotiations have been difficult, with both sides having different views on how the Protocol should be implemented. The talks have been further complicated by the UK government’s insistence that the Protocol should not undermine the UK’s sovereignty over Northern Ireland.
The latest reports that a deal between the UK and the EU on the Northern Ireland Protocol is imminent have been welcomed by many, as it could bring an end to the uncertainty that has been caused by the Brexit process. However, until an agreement is reached, it remains to be seen whether the UK and the EU will be able to reach a deal that is acceptable to both sides.
The Euro has been the better performer of late in the currency markets, and it has been travelling higher against the Pound towards the 0.90 area. The bulls have reemerged within the ascending channel, and support for the pair is holding.
The UK and the EU have been in negotiations over the Northern Ireland Protocol since the UK left the EU in January 2020, and the talks have been difficult as both sides have different views on how the Protocol should be implemented. The latest reports that a deal between the two sides is imminent have been welcomed, as it could bring an end to the uncertainty that has been caused by the Brexit process. However, until an agreement is reached, it remains to be seen whether the UK and the EU will be able to reach a deal that is acceptable to both sides. In the currency markets, the Euro has been the better performer of late and it has been travelling higher against the Pound towards the 0.90 area. The bulls have reemerged within the ascending channel, and support for the pair is holding.
