UK Brexit Minister Lord David Frost said on Friday that the UK and EU have not yet made substantive progress on the fundamental customs issues relating to goods moving from Great Britain to Northern Ireland. If no solution can be found, he continued in a reiteration of his previously held stance, the UK remains prepared to use the safeguard provisions under Article 16. Frost said that the UK’s preference was to secure a solution based on consensus, but any such solution must constitute a significant change from the current situation. Significant gaps remain between the EU and UK on most fronts, he said. 

Market Reaction

GBP/USD has been turning a tad lower in recent trade, but continues to trade within the days ranges around the 1.3450 mark. 

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