Sterling was under pressure this morning amid the continued uncertainty about the shape of Britain’s departure from the European Union.
With the governing Conservative Party torn on the type of arrangement the UK ought to seek after Brexit, the pound was flat against the US dollar and lower against the euro. It traded at €1.1154, a 0.11% decline, and $1.3119, unchanged on its closing price.
No agreed plan
One bright spot was sterling’s value against the yen, where it rose 0.01% to 147.9950 yen.
These are the latest sterling falls related to the Brexit uncertainty.
But it, too, is split between those urging a second referendum that would include the option of remaining in the EU and those opposed.
The UK is due to leave the bloc on 29 March next year, but with nothing close to a final deal with the remaining 27 members, there is confusion as to what will happen on that date. Prime Minister Theresa May and her colleagues continue to push the so-called Chequers plan, named after the country residence in which it was drawn up, under which Britain would adhere to a common rulebook with the EU for trade in goods and services, and would come to an arrangement under which customs procedures would be streamlined.
Free movement of people, a contentious issue in the UK, would end.