UK asks EU for Brexit grace period extension to 2023 – BBC

The UK has requested for an extension of a grace period until 2023 on trade checks that would be conducted between Northern Ireland and the rest of the Kingdom, BBC News reports, citing Cabinet Office Secretary Michael Gove’s letter to the European Commission’s Vice President Maros Sefcovic.

Reuters reported that the two sides had agreed a three-month grace period on checks on food goods being moved by supermarkets and some wholesale groups from Britain to Northern Ireland, as a part of the Brexit deal.

Market reaction

GBP/USD is wavering in a 20-pips range around 1.3650 over the last hour, digesting the upbeat UK Services PMI and positive vaccine developments amid a broad-based US dollar rebound.