Breaking: EU warns UK over serious violation of international law, GBP/USD extends slide toward 1.2900
|The European Commission said on Thursday that if the UK's Internal Markets Bill were to be adopted, it would constitute an extremely serious violation of the Withdrawal Agreement and of international law, per Reuters.
The GBP/USD pair extended its slide and was last seen losing 0.7% on a daily basis at 1.2910.
Additional takeaways
"EU does not accept the argument that the aim of the draft bill is to protect the Good Friday agreement. In fact, it is of the view that it does the opposite."
"EU called on the UK government to withdraw measures from the draft bill in the shortest time possible and in any case by the end of the month."
"The UK has seriously damaged trust between the EU and the UK. It is now up to the UK government to re-establish that trust."
"The Withdrawal Agreement contains a number of mechanisms and legal remedies to address violations of the legal obligations contained in the text – which the EU will not be shy in using."
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