Det gaar mot hard Brexit

Irish broadcaster RTÉ reported that the government in Dublin rejects this proposal – and Brussels may object it as well. The EU opposes any border checks in Ireland as it may endanger the peace. Moreover, setting a time limit to the backstop is also against the bloc's policy. A report stating that the EU agreed to a time limit sent the pound surging on Tuesday – until it was denied.

Ultimatum and blame game
Brussels may also dislike another aspect of Johnson's plan – a "take it or leave it" approach. The press reports that Johnson is set to lay out an ultimatum – that if a deal is not reached by October 11 – the UK will leave without an accord on October 31.

Some suspect that the PM's speech today is meant to show that the UK has offered new proposals and the EU rejected them – creating a narrative of "blame Brussels, not Boris."