In a statement published on Thursday, the UK government said that it will ask parliament to use powers in the Internal Market Bill if the European Union engages in a material breach of its duties of good faith or other obligations. “Examples of that would be an insistence that Great Britain (GB)-Northern Ireland tariffs and related provision such as import VAT should be charged in ways that are not related to the real risk of goods entering the EU single market,” the government explained. Additional takeaways “Would ask parliament to use powers if the EU insists on paperwork for Northern Ireland goods going to Great Britain.” “Would also ask to use powers if the EU insists their state aid provisions should apply to GB in cases with no or trivial link to Norther Ireland.” “Would ask to use powers if the EU refuses to grant 3rd country listing to UK agricultural goods for manifestly unreasonable or poorly justified reasons.” “Would also in these circumstances activate formal dispute resolution mechanism.” Market reaction The GBP/USD pair, which fell sharply on the Bank of England’s Monetary Policy Summary, largely ignored this statement and was last seen losing 0.65% on a daily basis at 1.2880. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next US: Weekly Initial Jobless Claims edged lower to 860K vs. 850K expected FX Street 1 year In a statement published on Thursday, the UK government said that it will ask parliament to use powers in the Internal Market Bill if the European Union engages in a material breach of its duties of good faith or other obligations. "Examples of that would be an insistence that Great Britain (GB)-Northern Ireland tariffs and related provision such as import VAT should be charged in ways that are not related to the real risk of goods entering the EU single market," the government explained. Additional takeaways "Would ask parliament to use powers if the EU insists on paperwork for Northern Ireland goods going to… Top Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
