Boris Johnson Needs EU Co-operation

GBP

Boris Johnson has admitted he would need EU co-operation to avoid a hard Irish border or crippling tariffs on trade in the event of no deal. Speaking on Monday evening, Johnson went onto say ‘it’s not just up to us’ implying corporation is needed with the EU to avoid a no deal Brexit. Furthermore Johnson did admit he was ready to leave the EU without a deal if he was elected Prime Minister but reassured the British public that he ‘did not believe for a moment’ that the U.K. could leave without a deal.

Johnson told a news reporter that May’s agreed deal with the EU is ‘dead’ and will be looking to renegotiate with the EU as the political landscape has changed in the U.K. He went onto say "I think actually that politics has changed so much since 29 March," referring to the original Brexit deadline. "I think on both sides of the Channel there's a really different understanding of what is needed."

Lastly Jeremy Corbyn took a swipe at both leadership candidates Jeremy Hunt and Boris Johnson claiming that they have ‘no mandate to force a disastrous no deal brexit’. Corbyn believes too much time was wasted by May in which has left the U.K. facing an uphill battle to secure some sort of deal with the EU and leave on the extend deadline of October 31st. Corbyn believes a no deal is a real possibility as the EU stated last week they will not be willing to renegotiate the backstop in which both leadership candidates said they would be able to negotiate. Attention now turns to July 22nd where Hunt and Johnson will battle to become the next Prime Minster but before then there could be a confidence vote by a majority of MPs.

Key Announcements

15:00 - USD: Consumer confidence - Forecast at 132 from previous 134.1
18:00 - USD: FED chair Jerome Powell speaks