UK says substantial differences remain with EU over Northern Ireland trade

“The United Kingdom said on Saturday that talks with the European Union over post-Brexit trade rules for Northern Ireland had been constructive, but substantial differences remained,” per Reuters.

The news quotes statements released on Saturday from UK Prime Minister Boris Johnson's office saying, “The talks this week were constructive and we've heard some things from the EU that we can work with - but the reality is that we are still far apart on the big issues, especially governance.”

“Whether we're able to establish that momentum soon will help us determine if we can bridge the gap or if we need to use Article 16,” adds the statement, per Reuters.

It was also mentioned that Britain said talks with EU negotiators would move to London from Brussels next week, and that its Brexit minister David Frost would meet European Commission Vice President Maros Sefcovic at the end of the week.

FX reaction

GBP/USD remains pressured at the week’s start, around 1.3750 by the press time of Monday’s Asian session, following the news.

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