- Posted by currencies in Bank of England, Brexit, Currency, Dollar, Economy, EUR, GBP, Sterling, UK, Uncategorised
- November 13, 2018
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The United Kingdom and the European Union are almost in touching distance of a Brexit deal which could be clinched in the next 24 to 48 hours, Prime Minister Theresa May’s de facto deputy Lidington has said this morning.
May said on Monday that there were still considerable unresolved issues over Brexit as the two sides approached the “endgame” in negotiations.
Both the EU and the United Kingdom need an agreement to keep trade flowing between the world’s biggest trading bloc and the fifth largest national economy.
With under five months until Britain leaves the EU, negotiators are haggling over the so-called Northern Irish backstop, an insurance policy to ensure there will be no return to a hard border on the island of Ireland if a future trading relationship is not agreed in time.
Asked if the UK could be trapped in a backstop against its will, Lidington said: “The prime minister has said again and again, if the backstop were ever to be used – we don’t want it to be used – is that it’s clearly got to be something that would be temporary and not indefinite.”
United Kingdom would have to start preparing in earnest for a no-deal if no deal was clinched by the end of Wednesday as newspapers have reported.
The end of Wednesday is important but what the government have been doing in the two years since the referendum is to take forward contingency planning against all eventualities.
We expect a deal could be negotiated at the end of the day (Wednesday).