On Friday, UK markets were pressured by warnings from EU Chief negotiator Barnier that “unacceptable” British demands have lessened the likelihood of an agreement on the post Brexit transition period, notes the research team at Rabobank.
“EUR/GBP pushed higher though it held below the highs reached earlier in the week. PM May wants to treat EU citizens arriving in the UK during the 21 month transition period differently to those already living in the country. By contrast Barnier is maintaining that the UK should be subject to the same rules as all other EU countries during this period, though it would lose its seat at the decision table. PM May is due to join Irish leader Varadkar in Northern Ireland today to join the DUP and Sinn Féin in power sharing crisis talks. The region has had no devolved government in place since January 2017.”
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