Sterling surges broadly again on hope that UK Prime Minister Theresa May inches closer to getting enough support for an amended Brexit deal. The Sun reported that North Ireland’s DUP is having delicate deliberations with May. And it’s privately agreed that DUP will support the Brexit plan if there is a time-limit of the Irish backstop. That came on DUP’s concern that pro-Remain Tories and Labour are pushing for a significantly softer Brexit.
However, it should first be noted that such a time-limit is likely not enough to win over Brexit hardliners. ERG chair Jacob Rees-Mogg is clear in his demand for complete removal. More importantly, EU’s Chief Brexit negotiator Michel Barnier has blunted rejected the idea of time limit already. He said yesterday that “we have to maintain the credibility of this reassurance … it cannot be time-limited… It’s not just about Ireland.”