Pound receives boost after Barnier announces Brexit deal expectation

Written by Oliver Wade

Sterling hiked yesterday after EU chief negotiator Michael Barnier announced it was “realistic” to expect a Brexit deal in the next six-to-eight weeks.

Barnier made the statement during a visit to Slovenia, which caused the pound to raise 0.73% against the US dollar after the UK embassy in the country tweeted the remarks. Furthermore, the pound also rose 0.38% against the euro to €1.225 shortly after Barnier’s comments.

Recently Barnier has boosted the pound several times over the past few weeks after speaking of the chances of an “unprecedented” deal between the UK and Brussels.

The two are sides will be talking again this week, ahead of a EU27 leaders’ summit to discuss Brexit in Salzburg, Austria, next week.

However, though Barnier is confident that a deal will be reached in the near future, former Brexit minister Steve Baker yesterday warned that up to 80 MPs are prepared to vote against Theresa May’s current negotiating strategy. Baker told the Press Association any attempt to railroad a Brexit deal through parliament would see the Conservative party “suffer the catastrophic split which thus far we have managed to avoid”.

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