RTE News' Tony Connelly reports on the matter
While Brexit is looking to be a thing of the past, there are still many complications attached - not least from a legal perspective - in terms of execution.
The drama continues to unfold since the new year and the latest is that the EU is seeking legal action against the UK now, on grounds that the latter has breached the provisions laid out in the Brexit withdrawal agreement. From RTE's Tony Connelly:
BREAKING: The EU will take legal action today against the UK over its unilateral move to change the terms of the Northern Ireland Protocol, @rtenews understands.2/ The European Commission will issue legal proceedings through two letters to the British government, following its decision on March 3 to unilaterally extend grace periods which eased the full implementation of the Protocol.3/ There will be a letter of formal notice, triggering an infringement procedure due to an alleged breach of EU law, and what sources describe as a second "political" letter, alleging a breach of the good faith provisions of the Brexit Withdrawal Agreement.4/ The former letter could result in the UK being taken to the European Court of Justice, while the latter potentially marks the beginning of an arbitration process under the dispute settlement mechanism within the Withdrawal Agreement. The UK has denied its actions are unlawful
This isn't so much a key issue with regards to market sentiment just yet but keep an eye in case it develops or blows up into something bigger.
