Market comment

The return of magical thinking


Yesterday (May 20th), the UK government accepted that customs checks will be required between Britain and Northern Ireland, a step forward in some respects. However, the view that these checks can take place without additional physical infrastructure creates another stumbling block in EU-UK negotiations. We expect the EU and UK will inevitably be forced to eventually agree an extension of the transition period, although probably not until the end of 2020.

Download full report with analyst certification and important disclosures

May 21 2020, 07:50 IST/BST