Rolling coverage of the latest economic and financial news
- Latest: UK manufacturing suffers worst quarter since 2009
- Introduction: markets fear cliff-edge Brexit
- Pound has fallen back to $1.325
- Full story: Brexit: Boris Johnson will amend bill to outlaw extension
Time for a quick recap.
The pound has suffered a sharp tumble as the government prepares to pass legislation that could cause a “cliff-edge” Brexit at the end of next year. Sterling has slumped by nearly 1.5 cents today to below $1.32, back towards levels seen before Thursday’s general election.
The CBI’s director general, Carolyn Fairbairn, has issued a statement pledging to help Boris Johnson secure a new trade deal with the EU by the end of next year.
“Business has had enough of uncertainty and shares the Prime Minister’s ambition for a fast EU trade deal. With only a year to go, we are committed to working with the Government to secure an ambitious deal that supports all sectors of the economy. Every step in the negotiations will have an impact on jobs, firms and communities.
“Speed and ambition can go hand in hand if the right approach is taken. There’s no time to lose, with a top priority being to build a best-in-class trade architecture, with business round the table, enabling EU trade talks to begin early in the new year. Firms stand ready to bring the evidence needed from factories and boardrooms across the UK to enable a good trade deal to be agreed as quickly as possible.”
“Technically, it’s possible to do it. The question is whether the politics gets in the way.”
Former International Trade Secretary @LiamFox argues why he believes a trade deal with the EU could be “achieved quite quickly”.#KayBurley at #Breakfasthttps://t.co/BfI7UYKsEf pic.twitter.com/K2i833d7La