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π¬π§ Irish Brexit: Bargaining Continuesβ
β οΈ London has sent a package of new proposals to the EU to change the Northern Ireland protocol as part of the Brexit agreement. Johnson said that if the EU again does not show flexibility and creativity, then Britain will act within the framework of Article 16, which implies a unilateral withdrawal from the agreement.
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The EU must respond today, but insider information shows that although Brussels is ready to make significant concessions, not all of Johnson's βfantasticβ demands will be accepted. Vice-President of the European Commission, Maros Sefcovic, believes that this initiative will become the basis for new intensive negotiations, but in the event of an increase in EU tax duties on British goods, economic and reputation losses will be catastrophic.
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The head of BOE, Bailey, said that the full economic recovery is still far away and the Central Bank will have a difficult and delicate job to control inflation. The application of Article 16 will require separate negotiations with the EU, will lead to lengthy protracted lawsuits, and will have an additional negative impact on the UK economy, which, in turn, will complicate the process of normalizing BOE policy.
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The EU proposals to change the Northern Ireland protocol and the Johnson government's response to them will be key for the Pound over the next two weeks.
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Profits to y'all!