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UK rejects EU proposals to resolve N.Irish trade dispute

Thursday, May 12, 2022
UK rejects EU proposals to resolve N.Irish trade dispute © Reuters. FILE PHOTO: British Foreign Secretary Liz Truss arrives for an Anzac Day Service of Commemoration and Thanksgiving at Westminster Abbey in London, Britain, April 25, 2022. REUTERS/Hannah McKay/File Photo

By Kate Holton and Elizabeth Piper

LONDON (Reuters) -Britain on Wednesday rejected European Union proposals to resolve a standoff over post-Brexit trade rules for Northern Ireland, saying it would not shy away from taking direct action in the latest escalation between the two sides.

Striking a deal that preserved peace in Northern Ireland and protected the EU's single market without imposing a hard land border between the British province and EU member state Ireland, or a border within the United Kingdom, was always the biggest challenge for London as it embarked on its exit from the bloc.

It agreed a protocol which instead created a customs border in the sea between Northern Ireland and the rest of the UK, but now says the required bureaucracy is intolerable.

London's Conservative government has been threatening to rip up the protocol for months, raising the risk of a trade war with Europe at a time of soaring inflation and prompting concern across Europe and in Washington.

Brussels offered to ease customs checks in October but British Foreign Secretary Liz Truss said this failed to address the core problem, "and in some cases would take us backward".

"Prices have risen, trade is being badly disrupted, and the people of Northern Ireland are subject to different laws and taxes than those over the Irish Sea, which has left them without a (governing) executive and poses a threat to peace and stability," she said in a statement.

Truss said the government wanted a negotiated solution, but added we "will not shy away from taking action to stabilise the situation in Northern Ireland if solutions cannot be found".

The Times newspaper reported that Prime Minister Boris Johnson's government could legislate to ditch checks on goods and tell businesses in Northern Ireland to disregard EU rules.

The move to announce domestic legislation which would effectively disapply the protocol could come on Tuesday, a Conservative source said.

'FURTHER ACTION'

Johnson's spokesman declined to comment on what action Britain could take to try to break the deadlock, but repeated that no decision had been taken as yet.

"The EU have confirmed they'll never change their mandate..., and so we reserve the right to take further action if solutions can't be found urgently," he told reporters.

But not everyone in British governing circles will back a legislative approach, which could also take months to be passed by the lower and upper houses of parliament.

Simon Hoare, a Conservative lawmaker who chairs parliament's Northern Ireland select committee, said "no honourable country should act unilaterally within an agreement".

Were the House of Lords to object to the legislation, the government could try to resort to the Parliament Acts, a rarely used device that solves disagreement between the lower and upper houses, to force it through.

Ireland, Germany and the EU leadership have urged Britain not to take matters into its own hands.

But elections in Northern Ireland last week added impetus and Britain says nothing must threaten a 1998 peace deal which largely ended decades of sectarian violence between Irish nationalists and unionists.

The Irish nationalist Sinn Fein, which accepts the protocol given the party's goal of Irish unification, emerged as the largest party in the vote, while the Democratic Unionist Party (DUP), which fears losing ties with London, fell to second.

The DUP has now refused to form a new power-sharing administration unless the trading rules are overhauled.

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18-05-2022 14:29:25 (UTC+7)

EUR/USD

1.0515

-0.0032 (-0.30%)

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↑ Sell

Moving Avg:

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EUR/USD

1.0515

-0.0032 (-0.30%)

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GBP/USD

1.2418

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USD/JPY

129.23

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AUD/USD

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USD/CAD

1.2826

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EUR/JPY

135.88

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Neutral

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EUR/CHF

1.0479

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Gold Futures

1,812.70

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Silver Futures

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Copper Futures

4.2035

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Neutral

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Crude Oil WTI Futures

110.91

+1.28 (+1.17%)

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Brent Oil Futures

112.89

+0.96 (+0.86%)

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Natural Gas Futures

8.182

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US Coffee C Futures

228.63

+3.83 (+1.70%)

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Neutral

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Euro Stoxx 50

3,739.65

-1.86 (-0.05%)

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Buy

Moving Avg:

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Buy (4)

Sell (3)

S&P 500

4,088.85

+80.84 (+2.02%)

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DAX

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FTSE 100

7,508.85

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Hang Seng

20,552.50

-50.02 (-0.24%)

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US Small Cap 2000

1,840.30

+56.87 (+3.19%)

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IBEX 35

8,515.65

+39.95 (+0.47%)

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BASF SE NA O.N.

50.470

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Bayer AG NA

64.11

-0.01 (-0.02%)

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↑ Sell

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201.80

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Adidas AG

183.34

+0.04 (+0.02%)

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↑ Sell

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Sell (10)

Deutsche Lufthansa AG

6.829

+0.002 (+0.03%)

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Neutral

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Siemens AG Class N

116.42

-0.08 (-0.07%)

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9.506

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Summary

Sell

Moving Avg:

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Indicators:

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Sell (3)

 EUR/USD1.0515↑ Sell
 GBP/USD1.2418↑ Sell
 USD/JPY129.23↑ Buy
 AUD/USD0.7010Buy
 USD/CAD1.2826↑ Sell
 EUR/JPY135.88Neutral
 EUR/CHF1.0479↑ Buy
 Gold1,812.70↑ Buy
 Silver21.587↑ Buy
 Copper4.2035Neutral
 Crude Oil WTI110.91↑ Buy
 Brent Oil112.89↑ Buy
 Natural Gas8.182Sell
 US Coffee C228.63Neutral
 Euro Stoxx 503,739.65Buy
 S&P 5004,088.85↑ Buy
 DAX14,184.15Neutral
 FTSE 1007,508.85Sell
 Hang Seng20,552.50Sell
 Small Cap 20001,840.30Neutral
 IBEX 358,515.65Buy
 BASF50.470Neutral
 Bayer64.11↑ Sell
 Allianz201.80↑ Sell
 Adidas183.34↑ Sell
 Lufthansa6.829Neutral
 Siemens AG116.42↑ Buy
 Deutsche Bank AG9.506Sell
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,825/ 6,925
(0/ 0) # 1,838
SJC HCM6,825/ 6,925
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SJC Hanoi6,825/ 6,927
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SJC Danang6,825/ 6,927
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SJC Nhatrang6,825/ 6,927
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Cập nhật 18-05-2022 14:29:28
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ↀ Giá vàng thế giới
$1,813.71-0.96-0.05%
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Sản phẩmVùng 1Vùng 2
RON 95-V30.58031.190
RON 95-III29.98030.570
E5 RON 92-II28.95029.520
DO 0.05S26.65027.180
DO 0,001S-V27.45027.990
Dầu hỏa 2-K25.16025.660
ↂ Giá dầu thô thế giới
WTI$113.71+1.631.43%
Brent$112.92+2.151.90%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD22.955,0023.265,00
EUR23.783,5625.115,95
GBP28.150,0329.351,12
JPY173,94184,14
KRW15,7819,22
Cập nhật lúc 14:24:23 18/05/2022
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