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Pound Sinks as Johnson Warns 'Strong Possibility' of No-Deal Brexit

ForexDec 10, 2020 03:12PM ET
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© Reuters.

By Yasin Ebrahim

Investing.com – The pound slumped on Thursday after the U.K. Prime Minister Boris Johnson said there was a "strong possibility" of a no-deal Brexit.

GBP/USD fell 0.79% to $1.3291.

Johnson urged businesses to prepare for a no-deal Brexit outcome, conceding that both sides remain far apart on resolving their differences.

Significant differences remain on three critical issues: level playing field, governance, and fisheries.

The stark warning comes a day after the prime minister traveled to Brussels last night to rescue trade negotiations in a dinner meeting with European Commission President Ursula von der Leyen. But little progress was made as both sides extended the deadline to reach a consensus to Sunday.

 

The prime minister pledged that negotiators would go "the extra mile" in a bid to prevent the UK leaving the EU without a deal at the end of the transition period on Dec. 31.
 

The EU on Thursday outlined contingency measures for a no-deal Brexit, citing "significant uncertainty whether a deal will be in place on 1 January 2021."

The proposed contingency measures, which require reciprocity from the UK, are aimed at ensuring that air and road connectivity between the UK and EU continues for six months after the transition period.  

"The European Commission has today put forward a set of targeted contingency measures ensuring basic reciprocal air and road connectivity between the EU and the UK, as well as allowing for the possibility of reciprocal fishing access by EU and UK vessels to each other's waters," Leyen said.

The proposals also included a stopgap legal framework that could allow the UK and EU access to each other's waters until 31 December 2021, or until a fisheries agreement with the UK has been concluded, whichever date is earlier.  

Pound Sinks as Johnson Warns 'Strong Possibility' of No-Deal Brexit
 

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Comments (14)
Mr Howell
Mr Howell Dec 10, 2020 8:50PM ET
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Boris might be trading the GBP
Radu Urjan
Radu Urjan Dec 10, 2020 5:19PM ET
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Can we finish this drama already? It feels like GB is trying to leave EU since the start of it lol
Brandon weli ndoni
Brandon weli ndoni Dec 10, 2020 5:19PM ET
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Lol
Lordlove Ndlovu
SomawebGlobe Dec 10, 2020 3:56PM ET
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Whst was the meaning of getting it done
Mart Bab
Rubberduck1973 Dec 10, 2020 3:36PM ET
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I someone would have ask Britten in the beginning Why do you want to leave the block, they would have answered Because we don’t want a level playing field, we want all fishing waters and we want to govern ourselfs. Why spend all this effored and money to reach that same conclusion
Peter BullMarket
Peter BullMarket Dec 10, 2020 3:33PM ET
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Brexit is the biggest mistake in the recent history of United Kingdom. The glory and influence that UK once had, will soon be a memory from a distant past....
Steffen vdm
Steffen vdm Dec 10, 2020 2:57PM ET
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Britain: we are sinking! Germany: what are you sinking of?
Paul Dunne
Paul Dunne Dec 10, 2020 2:57PM ET
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Kenny Venezia
Kenny Venezia Dec 10, 2020 2:30PM ET
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I hope the sun doesn't continue to set on the British empire. I have concerns about more unrest in northern Ireland, Scotland leaving UK, massive drug imports and Britian becoming a bigger haven for dirt oligarch money, but ****what do I know...not much
cs sh
cs sh Dec 10, 2020 1:58PM ET
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LOL !... 1.33 sinking! .. it was 1.31 in November.... let us know when it reaches 1.18... until then find less melodramatic and more accurate verbs ...
The Hacker
The Hacker Dec 10, 2020 1:38PM ET
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Scam news.
Prakash J Chaudhari
Prakash J Chaudhari Dec 10, 2020 1:35PM ET
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It is like a divorse . Both may need arbutration - binding to both.
Daimon van Buren
Daimon van Buren Dec 10, 2020 1:32PM ET
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End this farce already and give us a hard brexit, you norf bloke...
Jack Saleh
SalehFX Dec 10, 2020 1:32PM ET
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dead gbpaud
VICTOR M. MICALLEF
VICTOR M. MICALLEF Dec 10, 2020 1:32PM ET
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'No Man is an Island'MEDITATION XVII Devotions upon Emergent Occasions John Donne
amar ranjan
amar ranjan Dec 10, 2020 1:32PM ET
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call fire brigade...pound is sinking...Where sinking? still around 1.33
 
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