Tuesday, December 11, 2018
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Pound LIVE: GBP under pressure against euro as May WARNED over Brexit legal advice | City & Business | Finance

Sterling is currently trading at around €1.126 versus the euro, down 0.4 percent according to data from Bloomberg at 08:30 GMT.

The pound reacted negatively last week when Bank of England Governor Mark Carney outlined a gloomy forecast for Brexit and predicted over half of UK businesses are unprepared in the event of a no-deal outcome.

Sterling dropped to around €1.122 off the back of the statement from Mr Carney.

The Bank of England chief warned “less than half of the businesses in this country have initiated their contingency plans for a no-deal Brexit”.

Mr Carney added: “All the industries, all the infrastructure of the country, are they all ready at this point in time? Best as we can tell, the answer is no.

“The core of this financial system is ready, the Bank of England is ready, for whatever form of Brexit this country chooses to take.”

Today the main Brexit movement comes as Theresa May faces another challenging week with the final countdown beginning to the crucial Commons vote on December 11.

Mrs May is braced for intensifying demands for the Government to release the full legal advice on the Withdrawal Agreement.

Attorney General Geoffrey Cox will today make a statement and answer MPs’ questions in the House in an attempt to address MPs’ concerns.

Downing Street is expected to publish a summary of the advice.

Ministers have been accused of ignoring the will of the House after saying they will publish only a “full reasoned political statement” on the legal position concerning the Withdrawal Agreement.

The DUP – which props up the Conservative Government in the Commons – was said to be ready to sign a joint letter with other parties to Speaker John Bercow on Monday unless ministers back down.

Tomorrow, five days of debate begins ahead of the ‘meaningful vote’ next week.

The Prime Minister will take to the despatch box for Prime Minister’s Questions on Wednesday where it is expected she will face tough questions from all sides of the Commons, including many from her own party.

At some point this week the live Brexit TV debate will be confirmed, with the BBC planning to broadcast a show on Sunday evening.

Ian Strafford-Taylor, CEO of currency firm FairFX, has spoken of Brexit causing volatility for the pound euro exchange rate.

He said: “Theresa May has pledged to put her ‘heart and soul’ into a two-week push to convince MPs to back the terms of the deal, meaning the UK still faces much uncertainty.

“Uncertainty is one of the biggest causes of volatility for currency.”

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