0.6 C
New York
December 12, 2018
Pound slides further on May's Brexit speech

Pound slides further on May’s Brexit speech

SterlingImage copyright
Getty Images

The pound’s fall against the dollar and the euro has deepened following Theresa May’s assertion after an EU summit that “no deal is better than a bad deal”.

Sterling was already trading lower after had EU leaders warned the UK must make compromises on trade and the Irish border to secure a Brexit trade deal.

After the Prime Minister said the UK and EU were at an “impasse” the pound fell further.

The pound dropped from 1% to 1.5% lower against the dollar to $1.3068.

Against the euro, the pound was down 1.1% at €1.1144 after Mrs May’s statement.

“The rhetoric that ‘no deal is better than a bad deal’ is startling, and undermines recent hopes that a deal could be finalised soon,” said Hamish Muress, currency analyst at OFX.

Meanwhile, the British Chambers of Commerce (BCC) warned that the possibility of the UK leaving the EU with a trade deal was a big concern for firms.

“Many firms are hugely worried about a messy and disorderly outcome, and the potential impact on their ability to trade and grow. Others could be caught flat-footed. Both sides must make every effort to avoid this scenario,” said BCC director general Adam Marshall.

Mrs May’s statement followed a cool reception for her Chequers plan at a summit of EU leaders in Salzburg.

She said the two sides were still “a long way apart” on the post-Brexit economic relationship.

The two options being offered by the EU – for the UK to stay in the European Economic Area and customs union or a basic free trade agreement – were not acceptable, she said.

Source BBC News

Related posts

Police Dashcam Video Reveals California Cop Brutally Punched Drunk Man


Pressure Mounts On Susan Collins, Lisa Murkowski To Block Brett Kavanaugh


GOP Senator Who Made ‘Hanging’ Remark Attended ‘Segregated’ Academy


This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More