As cited by Bloomberg, claiming that they have seen parts of the document
- Foresees equivalence for UK banks
- EU, UK to commit to 'deep' customs cooperation
- To commit to build on 'single customs territory'
- States determination to replace the backstop in the future
- EU is to recognise UK's independent trade policy
- Transition period can be extended for up to "one or two years"
The commitment to maintain 'deep' customs cooperation won't be something that the UK parliament will want to see but the thing about the backstop is encouraging but then again, hasn't this always been the case?
If they could avert the backstop in the first place, we wouldn't be here. So, stating that they are determined to replace it moving forward means nothing if there is no plausible solution to the Irish border.
Meanwhile, the FT is reporting that there is no mention of Gibraltar or friction in trade in the declaration. So, that's another positive in some ways.
The pound is popping here but I'm really not liking this price action. The declaration in the draft text here isn't anything new that we haven't already heard of and it feels like the pound is moving based on repeated headlines by news sources which are made bold i.e. "extra important":
