Britain and the European Union are still facing a deadlock in reaching a post-Brexit trade agreement agreement before 31 December. Disputes still linger on issues of competition and fisheries.
Irish say the deal could still be reached before Britain leaves the European Union on 31 December. Britain has been through a period of 11 months officially leaving the EU and is in a transition phase allowing the UK to have access to the single market until the end of the year.
The market is now in a state of confusion with various conflicting signals coming from both sides. Britain has not yet been able to agree to EU demands, which many have hoped for, as agreement agreements could ease the risk of UK withdrawal from the EU.
British Secretary Robert Jenrick told Sky News that "there is not enough progress" at the moment. Irish Prime Minister Micheál Martin says the gap in how much fish can be caught by EU ships in British waters has yet to reach a meeting point. However, he is confident that an agreement can be reached to avoid greater economic risks.
British Prime Minister Boris Johnson and European Commission President Ursula von der Leyen have stepped up negotiations and are expected to hold more online talks on Wednesday.
Johnson, meanwhile, reiterated that the UK was in the throes of a Covid-19 epidemic and that he would not sign an agreement undermining Britain's sovereignty.
This positive sentiment has successfully pushed the strengthening of the GBP against the US dollar by 0.60% to the exchange rate of 1.3440 as of 9.30 p.m.
