Sterling rose slightly yesterday as Boris Johnson revealed his proposals for Brexit. However, the pound is weak again this morning. The plan, which has been sent for the EU’s consideration, would see Northern Ireland stay in the single market for goods, but leave the customs union. Johnson has said that the only alternative to his plan would be a no-deal Brexit. The European Commission has said that it will examine the plan “objectively.”
Government sources have said that there may now be a negotiating period, aiming to come to an agreement by the middle of the month. The DUP have already said that they back the proposals. It is unclear, however, how Dublin will receive the plan. Irish Prime Minister Leo Varadkar said that the plan “did not fully meet the agreed objectives of the backstop,” but added that he will study the proposals in “further detail.”
Parliament will be prorogued from Tuesday 8th October, with the Queen’s Speech to be held on 14th October, just days before the EU summit.
The government is expected to set out it’s Brexit plans to Parliament later.
