EU regrets UK does not provide concrete proposals for alternatives to replace backstop

Eren Sengezer FXStreet

Citing a leaked government document that responds to British Prime Minister Boris Johnson's letter, Reuters reported that the EU 27 member states regret that PM Johnson fails to provide concrete proposals for alternative arrangements to replace the Irish backstop.

The document further showed that states agree that the Irish backstop is a necessary and a legally operative solution in Brexit deal to prevent a return of a hard border on the island of Ireland.

The British pound continues to weaken against its major rivals following these headlines and the GBP/USD pair was last seen down 0.42% on the day at 1.2073.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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