UK's Gove: There are concerns across N. Ireland about the protocol

British Cabinet Minister Michael Gove said on Monday that there are concerns across Northern Ireland about the Northern Ireland Protocol and added that it needs refinement to ensure it is effective, as reported by Reuters.

Additional takeaways

"Recent events have shown we need to look at its application on the ground."

"There are a number of issues where we believe we need refinement about how it operates."

"We can resolve company trade issues pragmatically."

"European Commission probably owes its member states a fuller explanation for its actions."

"Progress is being made but we are far from resolving all the issues."

"Will come to the UK for further discussions on Thursday."

Market reaction

The GBP/USD pair showed no immediate reaction to these remarks and was last seen gaining 0.05% on a daily basis at 1.3740.