Skip to content

CFDs are leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your deposits, so please ensure that you fully understand the risks involved. CFDs are leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your deposits, so please ensure that you fully understand the risks involved.

DUP’s Arlene Foster labels Irish backstop ‘toxic’

The Democratic Unionist Party leader has said that she would support Theresa May’s deal if the ‘toxic’ Irish backstop was replaced by an alternative arrangement.

Arlene Foster and Theresa May Source: Bloomberg

The Democratic Unionist Party (DUP) leader Arlene Foster, whose coalition with Conservative leader Theresa May provides the government with majority in parliament, has labelled the Irish backstop as ‘toxic’, admitting that she would back the Brexit deal if it were removed.

‘We will be reiterating our opposition to the current backstop and the fact that parliament has now backed that position means she has a clear mandate to go back to Brussels,’ Foster said in an interview with BBC radio.

‘Parliament’s mandate is to replace the backstop, the current backstop ... is toxic to those of us living in Northern Ireland,’ she said.

‘If the backstop is dealt with in the Withdrawal Agreement ... we will support the prime minister. I don’t want to see a no-deal scenario,’ she added.

Angela Merkel suggests ‘creative’ Brexit compromise could be reached

Foster’s willingness to back May’s Brexit deal if she could replace the Irish backstop plan is positive news for the UK government, but Brussels has made it clear that it has no intention of renegotiating the text of the current withdrawal agreement.

But despite the EU’s tough stance, German Chancellor Angela Merkel hinted that there may be room for a ‘creative’ compromise to break the Brexit deadlock and make concessions over the future of the Irish border question.

‘There are definitely options for preserving the integrity of the single market even when Northern Ireland isn’t part of it because it is part of Britain while at the same time meeting the desire to have, if possible, no border controls,’ Merkel said at a press conference in Japan on Monday.

‘To solve this point you have to be creative and listen to each other, and such discussions can and must be conducted,’ she added.

Brexit deadline edges closer

May will welcome the words of her German counterpart with just 53 days to go until the March 29 deadline for Britain to secure a last-minute deal.

If May is unable to draft a new deal by that time it will leave UK lawmakers to consider a limited array of options for moving forward that include delaying Article 50, calling for a snap general election or bailing out of the bloc without a deal.

IGA, may distribute information/research produced by its respective foreign affiliates within the IG Group of companies pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the research is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, IGA accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore recipients should contact IGA at 6390 5118 for matters arising from, or in connection with the information distributed.

The information/research herein is prepared by IG Asia Pte Ltd (IGA) and its foreign affiliated companies (collectively known as the IG Group) and is intended for general circulation only. It does not take into account the specific investment objectives, financial situation, or particular needs of any particular person. You should take into account your specific investment objectives, financial situation, and particular needs before making a commitment to trade, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit.

No representation or warranty is given as to the accuracy or completeness of this information. Consequently, any person acting on it does so entirely at their own risk. Please see important Research Disclaimer.

Please also note that the information does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. Any views and opinions expressed may be changed without an update.

See an opportunity to trade?

Go long or short on more than 13,000 markets with IG.

Trade CFDs on our award-winning platform, with low spreads on indices, shares, commodities and more.

Live prices on most popular markets

  • Forex
  • Shares
  • Indices

Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.

Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 20 mins.

The Momentum Report

Get the week’s momentum report sent directly to your inbox every Tuesday for FREE. The Week Ahead gives you a full calendar of upcoming key events to monitor in the coming week, as well as commentary and insight from our expert analysts on the major indices to watch.

For more info on how we might use your data, see our privacy notice and access policy and privacy webpage.

You might be interested in…

Find out what charges your trades could incur with our transparent fee structure.

Discover why so many clients choose us, and what makes us a world-leading provider of CFDs.

Stay on top of upcoming market-moving events with our customisable economic calendar.