Bloomberg report
The EU is ready to consider a time limit on the Irish backstop, Bloomberg reports.
The EU is considering a backstop for Northern Ireland only. The EU is also said to see possible concessions if the UK accepts the backstop. The report also said the EU could give the Northern Ireland assembly a say on leaving the Brexit backstop.
The pound has shot to the highs of the day.
The report cites two people familiar with the matter and said the EU has discussed giving the UK a time-limited backstop would only be available if the UK accepted the backstop, which would keep Northern Ireland in the EU customs union.
From the report:
"Johnson's refusal to accept the idea of the backstop suggests the the EU concession won't come into play, but it could do if the UK softens its stance, the people say."
The Irish government would also need to accept it and there is no indication they would.
The initial spike in the pound to 1.2339 has faded back to 1.2300.
