In a published statement on Thursday, the Democratic Unionist Party (DUP) “Following confirmation from the Prime Minister that he believes he has secured a “great new deal with the European Union the Democratic Unionist Party will be unable to support these proposals in Parliament,” said in a statement to formally reject Boris Johnson’s deal.
The GBP/USD edged lower on this development and was last seen trading at 1.2850, still up 0.15% on the day. Below are some key takeaways from the statement.
“Brexit deal as proposed would not be in Northern Ireland’s long term interests.”
“The EU would have a veto on which goods would be exempt and which would not under the joint committee arrangements.”
“This is not acceptable within the internal borders of the United Kingdom.”
“Consumers in Northern Ireland would face the prospect of increased cost.”
“There is a real danger that over time Northern Ireland will start to diverge across VAT and customs and without broad support from the democratic representatives of the people of Northern Ireland.”