FirstFT: Johnson advances UK law to tear up Northern Ireland protocol

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Boris Johnson yesterday published legislation to tear up his 2020 Brexit deal with the EU, defying a chorus of critics and insisting there was ‘no other way’ to protect the process of peace in Northern Ireland.

Johnson said he was facing a “truly exceptional situation” and that the Northern Ireland protocol put “in jeopardy” social and political conditions in the region.

The newspaper said the UK’s ‘essential interests’ would be harmed unless legislation was passed to reverse the compromise the Prime Minister struck with Brussels just two years ago.

Pro-British trade unionists in Northern Ireland have refused to join a power-sharing government in Belfast with nationalist Sinn Féin unless the protocol, which covers trade deals in the region, is rewritten.

The publication of the bill immediately prompted Brussels to threaten legal action against Britain, warning that the British position would undermine confidence and make it more difficult to negotiate a way out of the impasse.

  • Learn more about Brexit: Britain’s ability to roll out super-fast broadband is being hampered by the “tortuous” process of recruiting workers from the EU, the head of BT’s network business has warned.

What do you think of Johnson’s approach? Share your thoughts with me via email [email protected]. Thank you for reading FirstFT Europe/Africa. Here’s the rest of the day’s news — Jennifer

1. US stocks slip into a bear market as selling accelerates US stocks closed in a bear market yesterday after a late selloff, while government bond yields soared as investors were unnerved by high inflation and the prospect of aggressive monetary tightening . Asia-Pacific stocks slid today in the wake of the sell-off.

2. Bitcoin plummets after crypto lender Celsius blocks redemptions Digital asset prices plummeted and Binance halted bitcoin withdrawals for several hours after crypto lender Celsius blocked customers from withdrawing funds from its platform, citing “extreme market conditions”, sparking concerns. concerns about the infrastructure that underpins the cryptocurrency market.

3. Portuguese PM: EU risks creating ‘false expectations’ for Ukraine Brussels should focus on immediately helping Ukraine fight the Russian invasion rather than engaging in ‘legal debates’ over whether to nominate the country as a candidate for membership, António says Costa at the Financial Times.

A Russian soldier walks past the damaged Azovstal Metallurgical Plant in Mariupol, Ukraine

Western countries have pledged large amounts of military and humanitarian aid since Moscow launched its assault on Ukraine more than 100 days ago © AP

4. UK Court of Appeal refuses to block flights to Rwanda Three judges yesterday refused to grant an urgent injunction to block the first flight to Rwanda, due to take off today, as part of the British government’s plans to deport asylum seekers by air.

5. UK group moves to Jersey after cannabis rules ease Consumer goods company Tenacious Labs is moving its headquarters to Jersey to benefit from the Channel Island’s move to ease rules on income from cannabis-related products.

The day ahead

Anniversary of the Grenfell fire in London Five years have passed since the fire that engulfed the skyscraper, killing 72 people and leaving 203 homeless. The tragedy exposed gaps in safety regulations and sparked a crisis for apartment owners across the UK that continues to generate repercussions.

UK talks pump prices Gordon Balmer, head of the Petrol Retailers Association, meets Transport Secretary Grant Shapps today to discuss soaring petrol prices as Britain’s competition watchdog launches an investigation into whether a cut in fuel duty is passed on to drivers.

Economic indicators Germany releases final May Core Consumer Price Index data along with its ZEW Economic Sentiment Survey. The US releases its producer price index for May, while the UK has unemployment figures.

business profits Ashtead Group, Bellway and Ferguson release quarterly results, while Paragon Banking Group provides a semi-annual update.

Join executives from FTX, Monzo, JPMorgan and more on June 16-17 from the FT Future of Finance stage at the heart of Europe’s leading tech festival, The Next Web. Sign up today to get your free digital pass.

What else we read

What BioNTech does next While the Covid-19 mRNA vaccine that German biotech developed with Pfizer saved millions of lives and revived economies around the world, it was also, in some ways, a side hustle. BioNTech now invests profits from its vaccines in oncology, but its technology is still unproven.

Farewell to the service economy First there were Uber drivers who would come to your door at the touch of a button. Now there are people who will bring you a packet of cookies and ibuprofen. On-demand services might have made people rich, but the model is in danger, writes Sarah O’Connor.

  • Learn more about the job: A rise in wages is structural, with the workforce expected to take more revenue from businesses, writes Ellen Zentner, chief economist at Morgan Stanley in the United States.

Exchange of economists: Christopher Pissarides The problems in the labor markets are very different from those the former adviser to the Cypriot and Greek governments began his academic career in the 1970s, plagued by mass unemployment. But for Pissarides, who won the 2010 Nobel Prize for his work on friction in labor markets, many answers are similar.

“The debt situation could cause us to lose control of macro management”

German beer drinkers face higher prices A 368-year-old Bavarian brewery is reluctant to pass on soaring costs to punters. But it could soon be forced to double its prices after Russia’s invasion of Ukraine strangled grain supplies from the two countries, which produce more than a third of the world barley market, and caused drive up energy and transportation costs.

A split board, Birkin bag bonuses and a struggle for control Outgoing bosses are usually on the company’s official list of candidates for election to the board of directors. But in one of the most unusual corporate battles in recent memory, there will be no Aerojet slate at a June 30 meeting as rival factions clash for control of the company. .

Travel

With FT Globetrotter’s insider’s guide to a green weekend in London, find out where to stay (luxuriously), eat (delightfully) and stroll (cleanly) for a sustainable stay in the UK’s capital.

Regent's Canal

Start your Sunday with a walk or bike ride along Regent’s Canal © Lecart Photos/Alamy

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