UK's Barclay: There is no set end date to the Irish backstop
That's not really helping the pound
- If we are trapped in the backstop, the EU would be acting in bad faith
- If backstop became permanent, it would be the subject of arbitration
He's just basically digging a deeper hole for the government here. The fact is that May's changes basically states that the EU is to deliver on a best-effort basis to help the UK out of the backstop but how is the interpretation of "best-effort" and "permanent"/"indefinite" supposed to be identified?
Cable is falling further now and is heading back towards the 1.3000 handle.