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In a letter to Maroš Šefčovič, European Commission Vice President of Interinstitutional Relations and Foresight, British Cabinet Minister Michael Gove said grace periods for N. Ireland supermarkets and suppliers should be extended until at least January 1, 2023.

Additional takeaways

“We urgently need to look at process around mutual recognition of professional qualifications and movement of seed potatoes and other plants.”

“Grace periods should be adapted to cover all relevant local businesses and services as authorised traders.”

“In all cases, what is now required is political, not technical, solutions.”

“Arrangements on medicines should be extended for a further year until at least January 1, 2023.”

“If it is not possible to agree on a way forward in the way we propose, then the UK will consider using all instruments at its disposal.”

Market reaction

This headline doesn’t seem to be impacting market sentiment. As of writing, the UK’s FTSE 100 Index was virtually unchanged on the day at 6,515.