UK PM Sunak: Found a way to end uncertainty for Northern Ireland

Eren Sengezer FXStreet

In a joint press conference with European Commission President Ursula von der Leyen on Monday, British Prime Minister Rishi Sunak that they have amended the original Northern Ireland Protocol deal and agreed a new "Windsor framework."

Key takeaways

"We have made a decisive breakthrough."

"Agreement delivers smooth free flowing trade with the UK."

"UK and EU are allies, friends, trading partners."

"Deal is about preserving delicate balance of Belfast Agreement."

"We have found a way to end uncertainty for Northern Ireland."

"Deal delivers green lane, red lane trade routes."

"We have removed any sense of a border in Irish Sea."

"Goods staying in the UK will use a new green lane with a separate red lane for goods moving to the EU."

"Agreement safeguards sovereignty for people of Northern Ireland."

"Stormont can stop EU laws from applying in Northern Ireland."

"Parties will need time to study deal in detail."

Market reaction

GBP/USD edged slightly lower from daily highs with the initial reaction to this announcement and was last seen trading at 1.2030, where it was up 0.75% on a daily basis.

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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