Pound currency investors can breathe a sigh of relief for now after UK Prime Minister Boris Johnson reportedly would not trigger Article 16 of the Northern Ireland Protocol to delay it.
The negotiating ministers will try to ease tensions with the European Union (EU) over the Northern Ireland issue and assure Brussels that PM Johnson does not want to or will ‘tease’ Article 16.
Article 16 is an emergency code of protocol that allows both parties to suspend the agreement if it has a negative impact or in other words, can take appropriate protective measures unilaterally.
UK Brexit Minister David Frost will signal to Maros Sefcovic, the EU’s chief negotiator that the government will renew efforts to secure agreement on the protocol.
The two sides will also hold intensive discussions in the coming weeks.
Moreover, Frost will also reportedly tell Sefcovic that although the UK has doubts about the commission’s offer to reduce inspections of goods crossing between Britain and Northern Ireland, they could form the basis of the agreement by making changes.
While the news was seen as good news in the post -Brexit issue, the pound remained traded lower due to strong greenback dollar trading.
