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Tag: Pound

Govt poised to resume multibillion pound RBS sell-off

Govt poised to resume multibillion pound RBS sell-off

Business
The government is poised to sell a multibillion pound stake in Royal Bank of Scotland (RBS), resuming a huge privatisation programme that has been stalled for three years. Sky News has learnt that City bankers and investors have been ‎primed to expect a disposal of part of taxpayers' 70.5% shareholders, potentially as soon as this week.Full details of a prospective deal were unclear on Monday, and bankers cautioned that it would be subject to considerations relating to wider stock market conditions and ministers' ability to demonstrate that the taxpayer was getting value for money.Those factors could cause any share sale to be delayed, they added.One City analyst suggested that a disposal could target proceeds of more than £3bn, equating to a roughly 10% stake in...
Pound at highest level since Brexit vote

Pound at highest level since Brexit vote

Business
The pound has climbed to its highest level against the US dollar since the Brexit vote.Sterling was up by more than a cent to reach nearly $ 1.37 in Friday trading. It was little changed against the euro, hovering below €1.13.It has not been as high versus the dollar since the result of the EU referendum in June 2016 sent the pound plunging from $ 1.50.That result saw sterling sliding to less than $ 1.20 in ensuing months before steadily gaining back ground over 2017.The latest rise on Friday was partly attributed to a report that Spain and the Netherlands were open to a softer Brexit deal for Britain.Bloomberg reported that the two countries' foreign ministers had agreed to work together for a divorce deal that would maintain close ties between the EU and Britain.That did little to help t
Pound and business react to Brexit deal

Pound and business react to Brexit deal

Business
The Brexit-battered pound has failed to benefit from the UK's deal with the EU to secure trade talks.Sterling fell half a cent against the greenback as the breakthrough was confirmed in Brussels, sinking from above $ 1.35 to $ 1.3465.Analysts said a strengthening of the US currency later, with the pound dropping to $ 1.34 on Friday evening, was driven by a strong set of US employment figures which dominated sentiment.The pound also fell back against the euro after hitting six-month highs when European Commission President Jean-Claude Juncker declared "sufficient progress" had been made in the first phase of Brexit talks to allow negotiations on future trade to begin later this month.:: LIVE: PM secures Brexit deal with £40bn feeVideo:May: I look forward to 'next phase of talks'It was the d
Pound at 14-month high on rate rise signal

Pound at 14-month high on rate rise signal

Business
The Brexit-battered pound hit a 14-month high against the dollar on Friday as a Bank of England policymaker reiterated the possibility of a looming interest rate rise.Gertjan Vlieghe supported the view, expressed by a majority of the nine-member monetary policy committee (MPC) at Thursday's meeting, that rates could rise in the "coming months" to help keep a lid on inflation should it continue to grow as expected.In a speech to a conference in London, the economist said: "There remains a risk that, at some stage, the uncertainty surrounding the Brexit process has a larger impact on the economy than we have seen so far."If that happens, monetary policy would respond appropriately.But for now, it seems the net effect of the many underlying forces acting on the UK economy is that slack iscont...