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British pound surges the most in nearly two years after UK lawmakers vote to reject a no-deal Brexit

British pound surges the most in nearly two years after UK lawmakers vote to reject a no-deal Brexit

Finance
Sterling rose on Wednesday after U.K. lawmakers rejected leaving the European Union without a withdrawal agreement. The pound was up 2 percent against the dollar at $ 1.3339 as investors become more optimistic that a hard Brexit would be ruled out. That's the biggest move since April 2017. "Our base view — and the currency is telling you this — is we will get some form of resolution," said KKR's global head of macro and asset allocation Henry McVey on CNBC's Closing Bell. "Clearly, there's been slowing related to Brexit. The way we're approaching it is this...
Pound jumps as MPs vote to reject no-deal Brexit

Pound jumps as MPs vote to reject no-deal Brexit

Business
By John-Paul Ford Rojas, business reporter The pound has jumped as MPs voted to rule out a no-deal Brexit, on another day of volatile currency trading.Sterling climbed by as much as three cents against the US dollar to nearly $ 1.34, a nine-month high, and was two cents up versus the euro to as high as €1.18 - a new 22-month peak. That was after an amendment rejecting a no-deal Brexit in all circumstances was narrowly backed by the Commons.The currency had already made big gains in the run-up to the vote. It has swung wildly over the last couple of days.There was a broad welcome for the result from business groups but it was combined with continued frustration about the lack of a clear way forward for the process. Edwin Morgan, interim direc...
Majority of UK import tariffs set at zero in a no-deal Brexit

Majority of UK import tariffs set at zero in a no-deal Brexit

Business
By Ed Conway, economics editor Britain would slash tariffs on the vast majority of goods entering the country in a no-deal scenario, the government has confirmed.Ministers announced that 87% of all goods entering the country would face zero tariffs, with import taxes remaining for only 13% of incoming goods. Sky News reported last week that the scale of the tariff line reduction would be 80-90%. No-deal Brexit tariff cuts face criticism The plan, which would represent a significant liberalisation of UK trade barriers compared...
Business groups urge MPs to avoid no-deal after PM's Brexit defeat

Business groups urge MPs to avoid no-deal after PM's Brexit defeat

Business
By John-Paul Ford Rojas, business reporter Business groups have urged MPs to avoid a no-deal Brexit after the prime minister suffered a further Commons defeat.The CBI called for politicians on all sides to "stop this circus" while the City of London Corporation said the country was now "staring down the precipice". Opponents of Theresa May's Brexit deal defeated it by 149 votes a day after she claimed victory as she hailed legally binding new changes to backstop arrangements with the European Union.The pound, which had initially rallied sharply following Mrs May's last-ditch Strasbourg talks, fell sharply on Tuesday as it became clear she had not done enough to secure a Commons victory.But it later partly recovered as speculation turned to the prospect of...
UK plans to slash up to 90% of tariffs if there is no-deal Brexit

UK plans to slash up to 90% of tariffs if there is no-deal Brexit

Business
By Ed Conway, economics editor The Government will slash Britain's trade tariffs to more than at any point in history if the UK leaves the European Union without a deal, Sky News has learnt.The Department for International Trade (DIT) intends to cut 80-90% of all tariffs imposed on goods imported into Britain, according to Whitehall sources. The cuts, which will be outlined in documents published if the prime minister fails to get parliamentary backing for her EU withdrawal bill next week, represent a bombshell for many manufacturers and farmers in the UK.Since tariffs are a charge on thousands of types of goods entering the country, they protect domestic producers from overseas competitors. Image: Theresa May&...