28 February 2023 - Labour low-key about UK economy

Rishi Sunak met with EU Commission President Ursula von der Leyen yesterday to finalize the agreement on how trade between the UK and Northern Ireland would be treated. Finally, this was the final piece in the Brexit jigsaw that was in danger of dragging on indefinitely. The Northern Ireland protocol, which had governed the movement of goods across the Irish Sea, has now been replaced with the permanent Windsor Framework. The main change will be in the customs treatment of goods either bound for Northern Ireland or bound for the Republic of Ireland. A new green lane will be created which will allow goods remaining in the North to flow through without any customs checks while goods in transit to the South will face less stringent checks than are seen now. While the Framework is unlikely to be acceptable to everyone, Labour have already confirmed that they will vote in favour in Parliament, so even if there is a wholesale rebellion by backbench conservative MPs the bill will pass through the House of Commons with little difficulty. The other interested group who may dissent are the Unionist Party, the DUP in Belfast. There has been a sweetener included in the deal named the Stormont Brake, that will allow the Northern Ireland Assembly to veto, under certain conditions, any laws put in place by the EU that they disagree with. Beyond Currency Market Commentary: Aims to provide deep insights into the political and economic events worldwide that can cause currencies to change and how this can affect your FX Exposure.