By Saikat Chatterjee and Richard Pace LONDON (Reuters) - Sterling has bounced 6 percent from Jan 4. lows and could gain 3-7 percent more if UK lawmakers manage to break their Brexit deadlock this week, but signs are it will struggle to sustain a rally while Britain's path out of the EU remains uncertain. From option markets to positioning indicators, market pricing indicates that either a postponement of the Brexit deal or acceptance of Prime Minister Theresa May's deal would be a short-term positive for the pound. But the uncertainty a delayed Brexit could cause would cap further potential gains. "While we are no closer to a long-term solution for the pound, the outlook has brightened in the short term as it shows that very few lawmakers want to press the nuclear button, i.e. crash out of the EU without a deal," said Hans Redeker, global head of FX strategy at Morgan Stanley. The pound is already on track for its biggest monthly rise against the dollar in a year as markets see a … [Read more...] about Flying sterling’s wings may be clipped as best-case Brexit priced in
Amendment 7 brexit
THE issue of the Irish border has become one of the critical parts of the Brexit negotiations - with the EU and the UK at odds over how to handle the complex subject. Brussels has made it clear it will not accept custom checks on the border between Northern Ireland and the Republic, while Theresa May has ruled out cutting off the north from the rest of the UK. Here's how the negotiations have played out. What is the Irish border problem? Currently the border between Northern Ireland and the Republic is open with no checks on goods or people. Ireland and the UK are in a "common travel area" of passport-free movement. And as they are both in the EU single market, there is no restriction on goods and no tariffs. Leaders in London, Belfast, Dublin and Brussels are keen to avoid a "hard border" after Brexit — when the UK has vowed to leave the single market and customs union. This would mean border checks being reintroduced to monitor movement between jurisdictions operating under … [Read more...] about What will happen to the Irish border after Brexit, when’s the EU deadline and what currently happens at the crossing?
News / UK and world by Press Association November 19, 2018, 7:01 pm FacebookTwitterLinkedInWhatsAppEmail Sign up to our Daily newsletter Labour could try to bring down the Government in an effort to block a no-deal Brexit, Sir Keir Starmer has said. The shadow Brexit secretary told the Parliamentary Labour Party (PLP) he is prepared to work with MPs from across the Commons to prevent the UK crashing out of the European Union without a deal. Labour would be prepared to use any parliamentary measures at its disposal, including tabling a motion of no confidence in Theresa May’s Government. If such a motion passed, a new government would have to be formed within 14 days and win a confidence vote in the House of Commons. If the new administration could not do so then there would be a general election. Sir Keir was expected to tell the meeting of the PLP on Monday: “The deal the Prime Minister has brought back is a miserable failure of negotiation. It falls … [Read more...] about Starmer sets out plans to block no-deal Brexit
SIR – Since details of the draft Withdrawal Agreement have emerged, I have been trying to rationalise how our Prime Minister could have thought it both proper and acceptable to ignore her own commitments to the British people, as set out in her Mansion House and Lancaster House speeches, and to negotiate a deal that is much worse than remaining in the EU. This is a deal that, extraordinarily, infuriates both Remainers and Brexiteers. My conclusion is that Treasury officials and other senior civil servants, together with the Chancellor Philip Hammond and some hand-picked Remainer business leaders, have managed to convince Theresa May that Brexiteers need saving from themselves. They believe complete subservience to the EU in perpetuity is better than the alternative of Britain’s economy crashing and burning outside the EU customs union. Either she has bought this nonsense, or she has gone quite mad. Surely it is the collective duty of Parliament to stop her before … [Read more...] about Letters: Theresa May has been persuaded that believers in Brexit need saving from themselves
News / UK and world by Press Association November 16, 2018, 7:57 pm FacebookTwitterLinkedInWhatsAppEmail Sign up to our Daily newsletter Ireland’s deputy premier has warned British politicians to sign up to the current Brexit agreement or risk facing a chaotic no-deal that would see the United Kingdom crashing out of the European Union. Simon Coveney said people are “too quick” to write off Prime Minister Theresa May, saying she has shown “resilience, courage” and a “reality check” to Brexiteers in Westminster. He rejected suggestions the Irish government is preparing for a hard border – adding the way to avoid it is to sign up to the current agreement on the table. Speaking ahead of Fine Gael’s Ard Fheis, the Foreign Affairs Minister admitted it “will be difficult” to find an alternative deal that will prevent a hard border. “If we are forced into that situation we will have to look … [Read more...] about Sign up to agreement or face chaotic no-deal Brexit – Coveney