British Prime Minister Boris Johnson said on Wednesday that the Internal Market Bill is designed as a “belt and braces protection” against extreme interpretations of the Northern Ireland protocol, as reported by Reuters.

Additional takeaways

“Confident we will be able to keep things flowing smoothly at the border.”

“External tariff regime would be quite formidable for some EU products.”

“Our legal advice is that we need to go further than article 16.”

“I don’t believe the EU is negotiating in good faith. Always possible I am mistaken, perhaps they’ll prove me wrong.”

“We will get through it, there may be difficulties.”

“We should have a system that allows us to protect parliamentary sovereignty.”

Market reaction

The GBP/USD pair largely ignored these comments and was last seen gaining 0.87% on the day at 1.2997.