FirstFT: UK law could empower ministers to tear up Northern Ireland post-Brexit trade deal

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The UK government is preparing legislation that will give ministers sweeping powers to tear up the post-Brexit deal governing trade in Northern Ireland, risking a fresh confrontation with Brussels.

Two people with knowledge of internal discussions said Boris Johnson, prime minister, and Liz Truss, foreign secretary, had in principle signed off on plans to put forward a Northern Ireland bill early in the next parliamentary session, which starts next month.

Whitehall insiders said the Johnson administration was developing the plans partly in anticipation of a constitutional crisis if the mainly protestant Unionist parties — all of which have rejected the Northern Ireland Protocol — refuse to re-enter the region’s power-sharing executive after May 5 elections.

Under the proposed legislation, which has not yet been presented to the cabinet, ministers would have unilateral powers to switch off critical parts of the protocol in UK law, including border checks on goods travelling to the region from Great Britain.

Thanks for reading FirstFT Europe/Africa. Here’s the rest of the day’s news — Gary

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Five more stories in the news

1. UK consumer confidence plunges to near-record low British consumer confidence has fallen to its lowest point since 2008 on concerns over the soaring cost of living, fuelling fears of a renewed economic downturn in the second quarter.

2. English cities warn ‘unrealistic’ housing targets threaten economic growth The UK government will miss its manifesto target of building an additional 300,000 homes a year by the mid 2020s and is imposing unrealistic goals that will undermine its levelling-up agenda, business groups and councils have warned.

3. Elon Musk unveils $46.5bn financing package for Twitter bid The Tesla chief executive has lined up $25.5bn in debt — including a margin loan of $12.5bn against his shares in the electric vehicle maker — from banks led by Morgan Stanley. He said he would also provide $21bn of equity for what would be one of the largest leveraged buyouts in history.

4. WHO pushes Pfizer on Covid drug price transparency The World Health Organization has urged pharmaceuticals giant Pfizer to be more transparent about the pricing of its antiviral drug Paxlovid after recommending the medicine to treat Covid-19.

5. Serena Williams and Lewis Hamilton join Chelsea FC bid The US tennis legend and British Formula One driver backed an offer led by City grandee Martin Broughton and private equity billionaires Josh Harris and David Blitzer, one of three shortlisted bids to buy the English Premier League side from sanctioned Russian billionaire Roman Abramovich. Sign up for our Scoreboard newsletter for more on the business of sport.

The days ahead

Digital Services Act The EU is to unveil on Friday a new law to force Big Tech to police illegal content and keep users safe online.

New Delhi visits Following Boris Johnson’s meeting with Narendra Modi today, European Commission president Ursula von der Leyen will visit New Delhi on Sunday amid simmering anxiety over India’s relations with Russia. More details in Europe Express.

French presidential election France will vote on Sunday on whether to give President Emmanuel Macron a second five-year term or entrust the presidency to his rightwing challenger Marine Le Pen. Macron accused his rival of being beholden to Vladimir Putin and of risking civil war with plans to curb Islamism, but there are signs French Muslims have lost faith in him.

• Poll tracker: In 2017, Macron decisively defeated Le Pen with 66 per cent of the vote. The latest polling points to a far narrower outcome in this election.

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