EU’s Barnier: UK and EU need much more time for a trade deal

EU’s Barnier is crossing he wires and has said that Northern Ireland will be the part of the UK most impacted by Brexit.

Key quotes

  • EU-UK deal on Northern Ireland cannot be re-opened under the guise of implementation. 
  • EU will make sure rights of all British nationals living in EU, and their families, are protected for life.
  • EU will watch closely that UK protects rights of more than 3 million EU citizens residing in UK.
  • UK and EU need much more time for a trade deal.
  • Negotiating future EU-UK partnership is a huge challenge.
  • Aligning with EU standards may have a price, but the return is access to our single market.
  • Aligning with EU standards may have a price, but the return is access to our single market.
  • when Britain says it does not want to align with EU standards and regulations in the future, it is not clear where, or by how much, it wishes to diverge.
  • not clear of Britain will choose to leave Europe’s societal and regulatory model.
  • Britain cannot expect high-quality access to EU single market if it insists on competing on state aid, social or environmental standards.
  • Northern ireland will be the part of the UK most impacted by Bexit.

FX implications

The pound will be in focus this week with the BoE at the end of the month, 30th, and Brexit a day later 31st. Its a coin-toss as to whether there will be a cut, but the upside for GBP is surely limited by the impact of what Brexit negotiations will have on the currency. 

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