Brexit deal preparations are far more advanced than previously thought - Sunday Times

  • The Sunday Times reports that the EU and the UK have agreed on the Customs Union.
  • The Prime Minister's office said that report by the Times is "speculation."
  • The UK cabinet convenes on Tuesday without an official agenda.

The Sunday Times reports that the European Union made a significant concession that will allow the whole of the UK to remain in a customs union. This solution will avoid a hard border on the Isle of Ireland, thus satisfying the requests of the DUP that props up the government.

The reported agreement also includes an "exit clause" that clarifies that the solution is temporary, thus satisfying the hardline pro-Brexit members of PM Theresa May's Conservative Party. Regulatory checks will be carried out in shops and factories rather than at the border, according to the publication.

With the potential breakthrough on the question of the Irish border, preparations for a deal are "far more advanced than previously disclosed." Both sides have previously stated that the vast majority of the Brexit agreement has been agreed upon. 

PM May convenes her cabinet on Tuesday as usual, but ministers have not received the agenda for the meeting. The secrecy leads to further speculation that significant progress is being made behind the scenes.

A spokesperson for Downing Street brushed off the Times' report as "speculation".

The British Pound advanced in recent days, partly on reports about a post-Brexit arrangement for the financial services sector, also denied later on. 

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.

Feed news

Latest Forex News

Editors’ Picks

EUR/USD rebounds after dismal US PMIs

EUR/USD is trading closer to 1.0850, rising in response to weak US PMIs, with the services one pointing to contraction. Earlier, German Manufacturing PMI beat estimates. 


GBP/USD advances to 1.2950 after US data

GBP/USD is trading around 1.2950, taking advantage of US weakness stemming from a downfall in Markit's Services PMI in the US. In Britain, the Manufacturing PMI exceeded estimates. 


Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Consolidation process underway

The Crypto board continues to be immersed in an emotional leg-breaking, consistently punishing the emotional state of the traders with its continuous changes of direction.

Read more

XAU/USD unstoppable, breaks to fresh 2020 highs, approaching $1650/oz

XAU/USD is trading in an uptrend above its main daily simple moving averages (SMAs) while breaking above a bull channel. Gold is printing fresh 2020 highs hitting $1646.64 per ounce on an intraday basis.  

Gold News

FXStreet launches Real-Time Trading Signals

FXStreet Signals offers access to explanatory live webinars, real-time notifications when signals are triggered and exclusive membership to the company’s Telegram group, where users get direct guidance by our analysts and get room to discuss and interact.

More info