Stock Groups

Britain to stress need for ‘significant change’ to N.Ireland protocol By Reuters

[ad_1]

© Reuters. FILEPHOTO: Below a road sign promoting a ‘No Hard Border,’ a poster proclaiming ‘No Hard Border’ is shown on the Irish side border between Northern Ireland (near Bridgend), Ireland October 16, 2019. REUTERS/Phil Noble/File Photograph

LONDON (Reuters – Britain is to tell the European Union that “significant changes” are needed to the Northern Ireland protocol in order for genuine good relations to be established between London and Brussels.

This protocol is part of the Brexit settlement British Prime Minister Boris Johnson reached with the EU. However, London says it should be rewritten within a year because British businesses are not allowed to import British products into the province.

Maros Sefcovic is the Vice President of European Commission and oversees post Brexit relations with Britain. He said that Thursday’s statement by the EU executive was to finalize measures for Northern Ireland post-Brexit trade issues. This would be done either at the beginning or end of next year.

Sefcovic said that he wouldn’t renegotiate protocol. He stated that the protocols were meant to preserve an open border in Northern Ireland with EU-member Ireland.

David Frost, Britain’s Brexit Minister, will give a speech Tuesday to the Portuguese diplomatic community.

According to excerpts from his speech, his office released extracts on Saturday. He said that endless negotiations are not possible and that London must use the Article 16 safeguard mechanism to resolve problems quickly.

Article 16 gives each side the right to decide unilaterally if the protocol causes a problem.

“No one can be doubtful about the gravity of the situation… “The EU must now show ambition and will to address the fundamental issues that lie at the core of Protocol head-on,” said the speech transcript.

“The UK-EU relationship may be under stress, but this doesn’t need to stay that way. The Protocol can be placed on a sustainable footing so that we can move beyond the challenges of the last year.

Expect the European Commission to present its measures on Wednesday.

Disclaimer Fusion MediaThis website does not provide accurate and current data. CFDs are stocks, indexes or futures. The prices of Forex and CFDs are not supplied by exchanges. They are instead provided by market makers. As such, the prices might not reflect market values and could be incorrect. Fusion Media does not accept any liability for trade losses that you may incur due to the use of these data.

Fusion MediaFusion Media or any other person involved in the website will not be held responsible for any loss or damage resulting from reliance on this information, including charts, buy/sell signals, and data. You should be aware of all the potential risks and expenses associated with trading in the financial market. It is among the most dangerous investment types.



[ad_2]