Sterling rises following 'constructive' Brexit talks between UK and EU negotiators
EU spokesperson Mina Andreeva told reporters the pair were continuing to work toward a deal, and that talks had been "constructive." "If there is a will, there is a way," she added., which has enjoyed a choppy session Friday, rose around 0.75% to $1.2452 following the comments.
The backstop is an arrangement whereby Northern Ireland remains in the customs union — a common tariff area — until a solution can be found to prevent any return of physical checks on the border. Late Thursday afternoon, sterling rose sharply after U.K. Prime Minister Boris Johnson met with his Irish counterpart Leo Varadkar. Following the three-hour meeting, a joint statement was issued which claimed a "detailed and constructive" discussion which offered a "pathway to a possible deal."
The U.K.'s border on the mainland of Ireland is the central sticking point with the EU insisting that there can be no return to a hard border between the Republic of Ireland and Northern Ireland. The latter is a constituent nation of the United Kingdom.
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