UK may drop parts of IMB which breach NI Protocol if 'long-term legal solution found' – RTE

Amid the chatters concerning the EU-UK agreement over fisheries, the RTE came out with the news suggesting Britain can go remove some of the Internal Market Bill (IMB) clauses to reach an amicable Brexit solution with the European Union (EU).

The news mentioned, “It's understood the clauses would be dropped as part of a virtuous sequence of events, beginning with the conclusion of a Free Trade Agreement, followed by a swiftly announced meeting of the EU UK Joint Committee, which has been negotiating the most difficult aspects of implementing the Protocol.”

The report highlights sources suggesting that the conclusion of a free trade agreement, which EU and UK negotiators continue to work on in Brussels, would help overcome the key issues concerning the Northern Ireland Protocol like the state aid issue and the question of defining "goods at risk".

The IMB is to return from the House of Lords where it got rejection earlier.

GBP/USD fails to respect the upbeat news…

Despite the trade-positive news, GBP/USD begins the week with a drop of nearly 30 pips from 1.3442 to 1.3411 as the latest updates suggest the EU and the UK continue to jostle over the Brexit negotiations.

Read: GBP/USD: Brexit jitters trouble Sterling bulls around multi-year high