Sterling is down against both the pound and the euro this morning ahead of Boris Johnson’s meeting with Angela Merkel. After Johnson requested a change to the Irish backstop yesterday, the European Commission said that his letter did not contain a “legally operational solution” to the Irish border issue. President of the European Council, Donald Tusk, accused the British government of failing to admit that its policies would lead to a hard border in Ireland.
The Prime Minister will meet with Chancellor Merkel today and the French President, Emmanuel Macron tomorrow. On Saturday, he will attend the G7 summit in France alongside other world leaders. Merkel has said that the backstop is a last resort and would not be needed once a “practical solution” is found. However, she also indicated that there will be no change to the withdrawal agreement.
