Wednesday, 5 September 2018

Pound gained strongly against both the dollar and the euro Brexit 'progress' report

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,
"[Chief EU negotiator] Michel Barnier may well have something to say about this report. As might Theresa May," he added.

Mrs May's official spokesman later responded by saying there was no change in the UK's position that "proper" information about the future UK-EU relationship had to be available by the time Parliament voted on the withdrawal deal.

"We have always set out that when Parliament votes on this, it needs to be a meaningful vote based on proper information," he said.

"We have always been clear that Parliament needs to be able to make an informed decision, and Parliament has also been clear on that. There is no change in that position."

A German government spokesman said: "The government's position is unchanged. The federal government has full trust in the leadership of Michel Barnier."

BBC      News.