The European Commission Vice-President Maroš Šefčovič has released a statement following Liz Truss' update to MPs. It warns that the EU will "respond with all measures at its disposal".

It begins by saying the EU wants "a positive and stable relationship with the United Kingdom".

"This relationship must be based on the full respect of the legally binding commitments that the two sides have made to one another," it says.

On the protocol, it says the EU has shown understanding, but says: "Should the UK decide to move ahead with a bill disapplying constitutive elements of the protocol as announced today by the UK government, the EU will need to respond with all measures at its disposal."

It says its "overarching objective" is to find solutions within the current protocol.

And ends by saying: "The European Commission stands ready to continue playing its part, as it has from the outset."

The director of the Confederation of British Industry in Northern Ireland has been listening to Foreign Secretary Liz Truss' announcement this afternoon.

Angela McGowan says "now more than ever, flexibility and compromise" are needed from the EU and UK, "to reach lasting trade solutions, securing peace and prosperity".

“Politicians everywhere should be focussed on helping the most vulnerable in society amid the worst cost of living crisis in decades," she says.

"Firms are already reeling from the rising cost of doing business.

"The last thing they want is further uncertainty in trading arrangements amid global supply chain challenges."

The DUP's Ian Paisley asks Liz Truss if she is "appalled" by comments from the Marks and Spencer boss that new checks cost him an additional £30m.

He says some of the checks' wording has to be in Latin and in a certain font in order to "satisfy the European community".

"This is a power grab, this is a trade war to crush business in Northern Ireland."

He tells the foreign secretary that if the protocol is kept in place "power-sharing isn't coming back".

Truss says her proposed legislation will "sort this out" but adds that she is open to resolving difficulties through talks with the EU.

If you missed it - here's Foreign Secretary Liz Truss's statement to the Commons.

The Liberal Democrats' Layla Moran says however the government dresses up its bill, unilaterally changing the terms of an agreement is breaking it.

She warns there will be "real consequences" for families across the UK if the UK gets into a trade war with the EU. She urges the foreign secretary to be honest about what prices households will have to pay if tariffs are risen.

Truss responds by saying the government's bill is legal and the proposals were very clear about how it would protect the EU single market, deal with any costs for businesses in Great Britain, and ensure the EU was no worse-off.

Alliance MP Stephen Farry says the majority of voters in Northern Ireland want to see the problems addressed "in a pragmatic way".

He urges the UK not to act unilaterally arguing it would damage the UK's reputation including with the US.

He also expresses concern that the government's plan would force Northern Ireland out of the EU single market and would damage its access to the EU.

Liz Truss replies that her proposed dual regulatory system - encompassing either UK or EU rules as businesses choose - reflects the reality in Northern Ireland.

Northern Ireland Committee Chair (and Conservative MP) Simon Hoare quotes Margaret Thatcher, saying: "The first duty of government is to uphold law - if it tries to bob, duck and weave around that duty when it is inconvenient... then nothing is safe - not home, not liberty, not life itself."

"I find it extraordinary that a Tory government needs to be reminded of that," he says, and seeks assurance from the foreign secretary that she is committed to the rule of law.

Liz Truss replies that she is and insists the proposed bill is legal in international law.

DUP leader Jeffrey Donaldson says the party had always been against the protocol, and recognised the political and economic instability it could cause, as well as the threat it could pose to the union.

He says Truss's statement is a "welcome if overdue" step towards recognising the problems associated with the protocol and the need to get power-sharing up and running again.

He says the party hopes to see progress on the bill to deal with the issues in "days and weeks not months".

The DUP, he says, wants to see the Irish Sea border removed and the government keeping its promise to protect Northern Ireland's place in the UK internal market.

He says legislation is needed to resolve the problems caused by the protocol to the union.

He adds Truss's statement is a "good start" but reiterates his previous stance that "actions speak louder than words".

Former shadow foreign secretary Hilary Benn says a sandwich made in Yorkshire and sold in Belfast poses no threat to the EU single market.

But he said that threatening to unilaterally break an international treaty could undermine trust in the UK.

He warned this may result in trade retaliation from the EU.

The SNP's Northern Ireland spokesperson Richard Thomson says that with the crisis in Ukraine, the UK should not be "thrashing around" with the rule of international law.

To restore devolved government in Northern Ireland will take "good will, trust, and a negotiated settlement," he says. The government's offers of a negotiated solution will not be taken seriously in Northern Ireland or in the EU, he says.

The government would prefer negotiation, Foreign Secretary Liz Truss says. The government needs a change from the EU's side on the matter.

Balance will not be restored, nor the Executive in Northern Ireland, until these changes are made, she says.

Image source, Getty Images

Sinn Féin President Mary Lou McDonald says the foreign secretary's announcement shows the UK government's intention to "legislate to break the law".

Writing on Twitter, external, McDonald says "it is the stuff of a rogue state", adding that there is still no functioning government in Northern Ireland.

Image source, Getty Images

We've been going back over Liz Truss's statement, and want to give you some more detail.

Setting out what the new bill will contain, she said it would put in place the necessary measures to lessen the burden on trade between Great Britain and Northern Ireland.

This includes freeing "goods moving and staying in the UK... of unnecessary bureaucracy through our green channel" and removing "regulatory barriers to goods made to UK standards being sold in Northern Ireland", she said.

Instead, businesses would be able to choose between meeting UK or EU standards in a "dual regulatory regime".

Responding to Doughty, Truss insists again that the UK government's priority in Northern Ireland is peace and stability there and the protection of the Good Friday agreement.

She says they must look at the fundamental issues, including getting the Executive back up and running and tackling problems around taxation, customs, and bureaucracy. In order to solve these problems, the EU must be willing to reopen the protocol.

Turning to the issue of legality, the foreign secretary insists the government's bill is legal in international law and the government will set out its legal position in "due course".

Labour MP Stephen Doughty continues his response to Liz Truss's statement, and says this is "not the time for political posturing or high-stakes brinksmanship".

He said the prospect of the government breaking an agreement it signed two years ago was deeply troubling.

Doughty said breaking the Brexit agreement could trigger a "downward spiral in our relationship with the EU" that would hurt working people.

He said the right approach would be for the government and the EU to work together on practical solutions, and that the government needs to take responsibility for the deal it signed.

Helen Catt
Political correspondent

The government is keen to stress this is a "twin track" process.

It wants to keep talking, but it's also clear that it does intend to bring forward this legislation.

It wants to suggest it isn't just an empty threat. Crucially though, a lot of the detail hasn't yet been set out.

For example, there's no clarity on what role, if any, the European Court of Justice would play or what the penalties would be for businesses which abuse the system.

Liz Truss says they will be made clearer in the coming weeks.

The principle of overriding parts of a deal which the government agreed has already caused controversy - will more detail lessen that?

Responding to Truss' statement, Labour's shadow minister for Europe Stephen Doughty says it was the government that signed a Brexit deal that included the Northern Ireland Protocol which would require some trade checks in the Irish Sea.

He says now the government is trying to change the position on that agreement, saying Prime Minister Boris Johnson negotiated the deal, signed it and ran an election campaign on it, and must make it work.

Doughty says the political situation in Northern Ireland is serious, with power-sharing breaking down - and this comes against the rising cost of living for the people there.

He says the operation of the protocol has caused "new tensions" that must be addressed and the UK government and EU must show good faith in talks about it, rather than engaging in brinkmanship.

Truss concludes by telling MPs that the urgency of the situation means the government cannot afford to delay.

She says the UK has clear responsibilities to protect communities and economic rights in Northern Ireland.

She adds that the EU will not be negatively impacted in any way by the UK's actions.

Any technical measures must be tailored to the reality of Northern Ireland, she says.

Truss says she believes the government is acting in accordance with international law, to jeering from opposition benches.

The Northern Ireland Protocol Bill will "ensure that goods moving and staying within the UK will be freed from bureaucracy," she says.

"Goods destined for the EU, will go under the full checks for trade to the EU," she adds.

Any bill introduced by the government, for legislation on the Northern Ireland Protocol, will uphold the Good Friday Agreement, she says again.

Truss says the government intends to introduce legislation to make changes to the Northern Ireland protocol in the coming weeks.

But, she says the UK's preference is an agreement with the EU and that the UK remains open to further talks.

Truss says government's preference is to reach an agreement with the EU.

She says the UK has offered a reasonable solution - including a trusted trader scheme to give the EU confidence that goods intended for Northern Ireland are not entering the EU's single market.

She says the EU's proposals do not address the fundamental concerns and would mean going backwards.