Pound to euro rate: Sterling rises amid crucial Brexit EU summit and deadlock talks | City & Business | FinanceHeat Profit
Sterling hovered at around 1.1123 against the euro, as Theresa May called on EU leaders for a new dynamic that would allow Brexit talks to progress.
Member states will today decied if there has been enough progress in Brexit negotiations to start the next phase of talks.
Britain’s so-called divorce bill remains one of the key sticking points in Brexit talks.
The pound yesterday took a battering amid Brexit fears and lower than expected retail sales in September.
The uncertainty over Britain’s future after Brexit is putting pressure on sterling, as Markets fear for UK business and economies.
It comes as the Prime Minister repeated attempts to break the deadlock with Brussels, this week telling EU citizens living in the UK they can stay after Brexit.
Michael Hewson, chief Market analyst at CMC Markets said: “For all the talk of compromise there seems to be precious little of either coming from either side, with the EU side actually tightening up their guidelines when it comes to money.
“With nerves starting to fray on the part of business there is a concern that politicians on both sides are playing with fire.
“A hard Brexit would not only be damaging for the UK but also for Europe, and Ireland in particular.”
A group of Conservative and Labour MPs, as well as top business figures have now called on Mrs May to declare Britain assumes it will be on World Trade Organisation terms with the EU from March 2019, if no breakthrough is reached in Brussels.