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Sterling jumps on bid to thwart no-deal Brexit

Credit: Reuters Studio
Published on August 16, 2019 - Duration: 01:27s

Sterling jumps on bid to thwart no-deal Brexit

The pound was set for its biggest weekly gain in nearly 2 months as a plan by opposition lawmakers to thwart a no-deal Brexit gained traction.

Plans for a post-Brexit deal with the US, though, are moving along 'rapidly', according Donald Trump.

David Pollard reports.

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Sterling jumps on bid to thwart no-deal Brexit

Sterling likes it - Boris Johnson most certainly does not.

The pound rose for a second day on Friday (August 16).

As an opposition move to oust the current UK prime minister and form a new government gathered momentum.

If it works, it should limit the risk of Britain crashing out of the EU with no transitional deal - as Johnson has threatened it might.

The main opposition Labour Party leader Jeremy Corbyn is spearheading the move.

(SOUNDBITE) (English) BRITAIN'S OPPOSITION LABOUR PARTY LEADER, JEREMY CORBYN, SAYING: "We will put a motion of no confidence against this government in order to try and stop no deal.

The Prime Minister seems desperate to take Britain out of the European Union 31st of October without a deal.

The problems of that are huge on food, medicine, jobs, industry and investment." The problem for Corbyn: not all other opposition parties are completely on board.

But for now, markets appear ready to give the plan the benefit of the doubt.

Sterling scaled an 11-day high against the euro - up half a percent.

Versus the dollar, it on was track for its biggest weekly gain since June.

A July bounce in retail sales reported this week - and other signs of resilience in the UK economy - were also providing support.

Though Boris Johnson too has had a boost - from Donald Trump.

The U.S. and UK, says the U.S. president, are moving rapidly towards a post-Brexit trade deal.

Adding it would - quote - be 'fantastic and big'.

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