Analysts at TD Securities point out that after reports that negotiators had concluded a draft Withdrawal Agreement last week came the news that Theresa May was unable to offer political sign-off on the draft.
Key Quotes
“Accounts vary, but it looks like the EU is willing to accept the UK’s proposal of a UK-wide customs union backstop, but only as a secondary backstop to the originally-proposed Irish backstop.”
“The UK opposes this, though we note that it could be a compromise that gives the EU coverage to agree to a time limit in the original backstop. Progress at this week’s meeting remains possible, but only at the political level. November’s EU leaders meeting remains an open question, but both sides acknowledge that the deadline for a deal is still months away–Dec or possibly even Feb.”
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