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Reuters is now reporting the details of the United Kingdom’s Brexit proposals to the European Union. Below are some key takeaways.

The British pound recovered modestly some of its losses and was last seen trading at 1.2290, down 0.1% on the day.

“The UK  to take control of its own regulatory affairs and trade policy.”

“Backstop is a bridge to nowhere.”

“Avoids the need for checks or infrastructure on the border.”

“Provides for extended transition and appropriate mechanisms for consent where ni is bound by the EU law.”

“Will include trusted trader scheme.”

“Includes simplified customs procedures, temporary admissions.”

“The UK and the EU should apply their own legislation on VAT and excise duties.”

“All goods movements between Northern Ireland and Ireland will be notified with a declaration.”

“Regulatory checks will not apply to goods between Northern Ireland and Ireland.”

“Special provision for small traders between  Northern Ireland and Ireland.”

“There should be a firm commitment never to conduct checks at Northern Ireland/Ireland border.”

“At the end of the transition period, Northern Ireland would align with all relevant EU rules relating to placing on the market of manufactured goods.”