BoJo Says he has a Plan but Markets are not Buying it

UK Prime Minister Boris Johnson came in with a clear plan when he took Theresa May’s chair, to take Britain out of the EU at the Brexit deadline on October 31. But, the political scene and the UK courts have all turned against BoJo and have made it illegal to leave the EU without a deal.

But, Bojo’s cabinet is pushing forward, deal or no deal. Actually, Johnson’s spokesperson just appeared in a press conference and from his comments it seems like BoJo has a plan to push ahead with Brexit.

• There will be no checks at the border on the Island of Ireland after Brexit.
• Minister will make statement in Parliament and publish details of Brexit plans in coming days
• Plans will not include proposals for border checks 5 to 10 miles from the border on the Island of Ireland.

This is not a great plan, but it’s a plan nonetheless. It seems like they will or have found a solution for the Irish border. We still don’t know how they will tackle this issue, but the “Island of Ireland” phrase sounds interesting.

These are some encouraging comments, given that the Irish backstop is the main problem for Brexit. But, markets are not buying into it much, with GBP/USD losing around 100 pips since the comments were made.

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Skerdian Meta

Lead Analyst

Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.

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