European Commission: The UK bill is a clear breach of Brexit withdrawal agreement

The UK Internal Market Bill is a clear breach of the Brexit withdrawal agreement, RTE reports, citing legal advice from the European Commission.

“The UK’s attempt to override elements of the NI Protocol is a “clear breach” of the Withdrawal Agreement and would allow the European Commission to take legal action on several grounds,” advice read.

Separately, Reuters quoted some sources, saying that the European Union (EU) could trigger a legal case against the UK if talks today do not provide reassurance that the Kingdom will not break the terms set out by the Brexit withdrawal agreement.

Market reaction

GBP/USD stabilizes around 1.3000 following a spike to daily highs of 1.3036, as investors remain on the edge ahead of the emergency Brexit talks. The spot trades modestly flat on the day.

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