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Italy’s Controversial Budget | EU Proposes UK Customs Union

Published October 23, 2018
  • The European Commission is set to decide on whether to formally demand Italy to revise and resubmit its budget. The European Commission had already issued a warning letter about the budget last week. Italy’s coalition government has stated that it “won’t change”.
  • The EU has proposed to Prime Minister Theresa May a UK-wide customs union as a way around the Irish backstop issue, but it will have to be negotiated beyond the Withdrawal Agreement as a separate treaty. May outlined UK demands for an agreement yesterday to parliament, such as the commitment to a temporary UK-EU joint customs territory.
  • Oil prices fell this morning after Saudi Arabia stated it would play a “responsible role” in energy markets. The price of West Texas Intermediate Crude subsequently dropped to $68.25 as Saudi Oil Minister Khalid Al-Falih proposed the Kingdom would hike output to as high as 11 million bpd.