The European Union and the British Prime Minister, Rishi Sunak, reached a new agreement on Monday about the trade laws that would apply to Northern Ireland after Brexit. Rishi Sunak emphasized that the deal would open the door to a new era in London's ties with the EU.
During a Windsor press conference with European Commission President Ursula von der Leyen, Sunak declared the two sides had committed to eliminating "any sense of a border" separating Britain and Northern Ireland, angering Politicians on both camps, according to Reuters.
Rishi Sunak, in his fourth month in office, hopes to appease the pro-Brexit faction of his party while strengthening ties to Europe and the United States. Business groups applauded the trade regulation relaxation. Ursula von der Leyen promised to let British scientists join a massive EU research initiative, provided Sunak could get the accord through his party.
There have been concerns that King Charles III will be dragged into the political controversy surrounding the pact if the head of the European Commission meets with the King for tea at Windsor Castle.
PM Sunak Hopes To Get Crucial DUP Support
Rishi Sunak is anticipating the Democratic Unionist Party's (DUP) endorsement of the agreement to restore powersharing in Northern Ireland and restore Stormont's functioning.
The backing of the DUP would be crucial in getting Tory Brexiteers to vote in favor of the agreement as pressure built on the Prime Minister to hold a vote in the House of Commons, per The Independent. Meanwhile, the announcement of a deal between the UK and EU on the Northern Ireland Protocol boosted the pound's value versus the dollar.
Since morning, when it was worth $1.2046 to the dollar, the pound has increased by 1% or one cent. Once PM Rishi Sunak and EU President Ursula von der Leyen began their press conference, the pound's value declined slightly, the BBC reported. After gaining 60 points, or 0.7%, the FTSE 100 stock market index closed at 7,934.
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