The pound is still weaker against the euro this morning as controversy over Brexit continues. However, after news that the EU will not suspend Brexit talks with the UK, the pound strengthened slightly against the dollar yesterday. It is still in a stronger position against the dollar this morning due to a recovery in the global markets.
The Prime Minister defended the new ‘Internal Markets Bill’ in Parliament yesterday, which seeks to change parts of the Withdrawal Agreement and breaks international law. Boris Johnson said that the bill would protect the UK’s internal market and the Northern Ireland peace process. However, several critics, including some senior Conservative MPs, argue that the bill does the opposite. Many also say that breaking international law will undermine the UK’s reputation globally.
Emergency talks over the bill’s potential impact in Ireland will take place today between Michael Gove and EU official Maros Sefcovic.
Research carried out by the British Chambers of Commerce suggests that businesses aren’t prepared for post-Brexit trading due to the government’s lack of clarity on the matter, as well as due to unforeseen circumstances caused by COVID-19.
