Ahead of Wednesday’s video call between the EU and the UK Brexit negotiators, the UK Express came out with the news suggesting the bloc was recently warned by the Conservative MP John Redwood.
Key quotes
Conservative MP John Redwood has warned the EU could face a crisis unless it adjusts the way it approaches the Brexit trade talks with the UK.
The backbench MP said the EU’s initial tactics of siding with the opponents of Brexit would now be more difficult due to the change in the make-up of Parliament.
During an interview with Express.co.uk, Mr. Redwood insisted the EU hoped the UK would agree to the bloc’s rules and regulations in a similar way to Turkey and Ukraine.
He added this would not be the case as the UK now has a strong majority in Parliament and would not buckle under the pressure from the European Union.
FX implications
Amid the early-Asian trading session, the markets paid a little heed to the news while carrying the latest risk-on. However, the news might confine the GBP/USD pair’s further upside beyond 1.2600, the highest in five-week.
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