May considering Good Friday Agreement amendment

British Prime Minister Theresa May is considering solving a Brexit deadlock by amending a 1998 agreement that ended 30 years of violence in Northern Ireland after ditching attempts to negotiate a cross-party deal, the Daily Telegraph reported late on Sunday.

May’s plan to amend the 1998 Good Friday Agreement would see the UK and Ireland agree a separate set of principles or add text to “support or reference” the 1998 peace deal setting out how both sides would guarantee an open border after Brexit, the newspaper reported.

May suffered a heavy defeat in parliament on Tuesday when lawmakers and members of other parties rejected her deal for Britain’s with the European Union by an overwhelming majority. Many object to a backstop arrangement that the European Union insists on as a guarantee to avoid a hard border between the Irish Republic and Northern Ireland.

Reuters

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Craig Erlam

Craig Erlam

Senior Currency Analyst at OANDA
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.