Brexit: DUP rejects EU concession on time-limited Irish backstop – GBP/USD pressured
|The Northern Irish Democratic Unionist Party (DUP) has rejected the EU's concession on Brexit. The bloc has reportedly offered to allow the assembly in Stormont to unilaterally revoke the Irish backstop. However, according to a report in The Times, it would require both communities in the conflicted province to agree.
Sammy Wilson, the DUP's Brexit spokesman, said:
It will go nowhere. The Govt in Westminster will not accept it, we will not accept it, I don't think anyone who looks at it with any kind of objectivity at all will say it's an improved offer
Prime Minister Boris Johnson's Conservative Party relies on the DUP and the PM's original proposal received the small party's backing. The rejection may undermine the chances of the EU's idea to serve as the basis for a deal.
GBP/USD is under pressure following the news about the DUP after jumping on the news on the EU's concession.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.