I have a cunning plan, but will it be accepted?
To coin the phrase from a character Rowan Atkinson played ( a UK comedian) the plan needs to be so cunning that you could stick a tale on it and call it a fox.
The outline of Johnson's plan
Johnson's proposal is expected to based on the creation of an all Ireland 'economic zone' which would allow agricultural and food products to move between Ulster and the Republic of Ireland without checks. The formal text to be delivered after the Tory party conference on Wednesday with the UK to ask the EU to rule out further Brexit extensions as part of a new deal.
The UK has proposed a string of 'customs clearance centres' on both sides of the Irish border as a key part of the plan to replace the backstop. However, this report was rejected by Sky News sources which stated that the UK has proposed a customs 'mechanism' whereby customs processes are conducted at origin or destination of goods.The Sky News sources added that when inspections needed to be conducted, it could be at the destination or at a dedicated premises away from the border.
Irish Foreign minister Coveney tweeted that the non-paper (leaked by RTE )is a non-starter and that it is time the EU had a serious proposal from the UK Gov't if a Brexit deal is to be reached this month . So, optimism is not running very high for this plan. So, is Boris Johnson's plan going to be accepted at home or in the EU? The optimism is low, so watch for any positive news on this front o boost the GBP. The GBPUSD is currently down to 1.2281
ForexLive
