EU tells Boris Johnson "You have one week to make a better offer" - Times
|- Brussels has given Boris Johnson one week to make his Brexit plan acceptable.
- Mr Johnson is highly unlikely to reach a deal in time for his October 31 Brexit deadline.
The Times has reported that Brussels has given Boris Johnson one week to make his Brexit plan acceptable or European Union leaders will refuse to discuss it at a crucial summit this month.
This new ultimatum, along with fundamental EU objections to his alternative to the Irish backstop, means Mr Johnson is highly unlikely to reach a deal in time for his October 31 Brexit deadline.
European ambassadors set the October 11 cut-off date last night after Michel Barnier, the EU’s lead Brexit negotiator, told them that the government needed to “fundamentally amend its position” before formal negotiations could take place.
“We will have to make a judgment call at the end of next week with regard to deciding if it’s possible to have a deal in time."
FX implications:
This comes as no surprise really and markets are taking it in their stride with plenty of downsides already priced into the Pound. Wit the nonfarm Payrolls around the corner, traders are waiting for that outcome before positioning. GBP/USD is flat around 1.2340, supported by a daily 50% Fibo support of latest swing highs and lows.
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