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Updated 03:34 19/08/19

Pound Sterling gains ahead of May/Corbyn Brexit talks

Liam Sheasby

By Liam Sheasby, News Editor

03 Apr 2019


The Pound has hit a one-week high today after Prime Minister Theresa May revealed she would meet with Jeremy Corbyn, the Leader of the Opposition, to discuss ways to make a compromise over Brexit.

Sterling is at $1.317 and €1.171 respectively but did peak fractionally higher today at $1.318. Investors are optimistic about the Prime Minister’s decision to cross her ‘red lines’ and make concessions on Brexit in order to secure a deal, with Deutsche Bank calling it ‘huge news’.

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The gold price for the last 24 hours in GBP
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Resolution is seen as a path to easier economic forecasting and future decision making for many British businesses, and with only nine days left until the UK is set to leave the EU with what has been called a disastrous no-deal by many sources, immediate progress is a matter of urgency.

The meeting is set to take place later today, following the conclusion of Prime Minister’s Questions, with Brexit Secretary Stephen Barclay and his opposite number Sir Keir Starmer in attendance. Labour has repeatedly argued the case for a soft Brexit involving a customs union with the EU, but May’s latest move has been greeted with hostility from within the Conservative Party, with many MPs believing that a deal goes against the wishes of the party and its members, as well as constituents and the original referendum result.

The decision comes at the same time as the latest data is released by the CBI and IHS Markit, with statistics showing the UK economy downturn is beginning to pick up pace. The Services sector saw its PMI contract from 51.3 points to 48.9 – a sign of sector growth contraction. This is two points lower than was forecasted for March.

A lack of new work is blamed for the first quarter slump, on the basis that no Brexit outcome is making it hard for companies to decide when to invest, where to invest, and how much to invest. Chris Williamson, the Chief Business Economist at IHS Markit, said that the downturn was the worst slump since 2009 and the aftermath of the last decade’s financial crisis.

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