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Tag: Pound

Pound jumps as Barnier says Brexit deal 'possible'

Pound jumps as Barnier says Brexit deal 'possible'

Business
The EU's chief Brexit negotiator Michel Barnier believes a Brexit deal is possible before the beginning of November. In remarks that saw a jump in the value of the pound, the European Commission official claimed a treaty could be agreed "within six or eight weeks" if both sides are "realistic".It came as it was reported that EU leaders are expected to announce next week - at an informal meeting in Salzburg - that an extraordinary Brexit summit will take place in November.According to The Guardian, the special gathering is likely to be held on 13 November and will allow a political declaration on the terms of the UK's future relationship with the EU.However, the newspaper said, a solution to the Irish border issue would need to be finalised at an already scheduled EU summit ...
Pound rises on Brexit 'progress' report

Pound rises on Brexit 'progress' report

Business
The pound has gained strongly against both the dollar and the euro following reports that the UK and Germany have made progress towards a Brexit deal.Sterling rose nearly 1% against the US currency and 0.5% against the euro after the reports on Bloomberg News.However, the pound later gave up some of its gains after London and Berlin both denied there had been any change.The agency said the German government was ready to accept a less detailed agreement on future UK-EU trade ties.The UK and Germany both denied any movement, while analysts warned the EU's stance was not decided by Berlin."Germany does not - despite its clear dominance of the bloc economically - actually speak for the EU position," said Neil Wilson, chief market analyst at Markets.com, "[Chi...
Pound rises as EU hints at 'ambitious' Brexit deal

Pound rises as EU hints at 'ambitious' Brexit deal

Business
The pound has risen to its highest level for weeks after the EU's chief Brexit negotiator said the UK could expect a partnership with Brussels "such as there never has been with any other third country". The deal may include an "ambitious free trade agreement" along with cooperation in aviation, security and foreign policy, Michel Barnier added.Nevertheless, the EU will not permit anything that damages its single market, he said."We respect Britain's red lines scrupulously," Mr Barnier said during a news conference in Berlin."In return, they must respect what we are. Single market means single market. There is no single market a la carte."Following his comments, the pound rose to more than $ 1.30 for the first time in over three weeks.Sterling jumped by a cent against the ...
Pound falls lower against the dollar and euro

Pound falls lower against the dollar and euro

Business
The pound has fallen below $ 1.29 for the first time in almost a year on continuing worries Britain will leave the EU without a trade deal.Sterling also hit a nine-month low against the euro, and was down against the yen and Swiss franc.Bank of England governor Mark Carney said on Friday the chances of a no-deal Brexit were "uncomfortably high".On Sunday, international trade secretary Liam Fox put the odds at "certainly not much more than 60-40". The falls come despite a rise in UK interest rates, which usually pushes up the value of sterling.Since the beginning of the month, the pound has fallen 1.7% against the dollar and 0.8% against the euro. "Some are thinking in the market that the Bank of England raised rates in or...
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...