Headlines via Reuters
- If no new trade deal by then, UK could extend transition period once
- Otherwise, Britain could choose to allow N. Ireland to be aligned more closely with EU customs and regulatory rules
Details of the agreement are starting to surface now. It looks very much like the case that Theresa May has decided to go on with her initial plan in October, which is to set a “date” on the backstop period and then having the option to extend it where needed.
Do note that the transition period ends in December 2020 and any extension will be viewed unfavourably by the UK parliament. And if they don’t come to an agreement by then, the second passage isn’t going to go down well with Northern Ireland and DUP members.