Pound was trading at its 10-day high to $1.3171 today following a report that EU officials are discussing “a compromise Brexit deal”.
Speaking to business leaders in Brussels today, Michel Barnier today laid out new details about the EU’s plan to find a solution to the Irish border issue: “EU rules are very clear: such checks must happen at the border because of food safety and animal health reasons,” he told business leaders.
“Obviously in the future the island of Ireland will remain and must remain a simple epidemiologic area, obviously. Such checks already exist in the port of Larne and Belfast. However they would have to cover 100 per cent rather than 10 per cent of live animals and animals derived products, which would involve a significant change in terms of scale.”
Holding a copy of the draft withdrawal agreement, Barnier added that 80/85 per cent of it has been agreed.
Barnier also confirmed that the UK is set to leave both the EU’s Customs Union and Single Market.