- Irish border backstop in its current form will have to be removed, according to Raab.
- If not, EU will be taking the responsibility to see the UK leave on no-deal terms.
UK’s Foreign Secretary Raab has said that the Prime Minister has been very clear that the UK will leave the EU at the end of October.
Comments:
- The government would prefer leaving with a deal, but if the EU doesn’t move or show flexibility, we will leave on WTO terms
- If the EU position is that withdrawal agreement can’t be changed via add-ons or subtractions, they will be taking the responsibility to see the UK leave on no-deal terms.
- Irish border backstop in its current form is undemocratic and will have to be removed.
- The biggest risk to the unity of UK would be to holding the second referendum.
FX implications:
Some hard-line talk from Raab here, complimenting UK PM Boris Johnson says parliament should honour the Brexit vote and leave the EU on Oct. 31st, which waters the bed of a hard-Brexit and should keep GBP under pressure.
- GBP/USD technical analysis: Intraday rollercoaster settles near the 1.2135 level
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