Telephone 01253 343081

Excellent

Newsletter Signup Click Here

Crunch Time for Britain in EU Negotiations

Author: Corey McDowell - Economics Editor

Published: 14 Oct 2019

Last Updated: 6 Feb 2020

Contents

Progress has been made in UK-EU negotiations, but pressure is growing on Prime Minister Alexander “Boris” Johnson to cede ground in order to secure a deal in time for the summit of EU leaders on Thursday. The EU’s chief negotiator, Michel Barnier, has described Mr Johnson’s proposals around customs in Northern Ireland as “fiendishly complex”, and the European Commission has stated “a lot of work remains to be done”. This comes on the back of positive talks between Mr Johnson and the Irish Prime Minister Leo Varadkar last week, which had thrown Britain a lifeline.

Assuming a deal is struck, Mr Johnson could return home and present the document to the House of Commons on Saturday but Parliament is not guaranteed to pass it and it is still very uncertain whether a deal will be agreed at all. It is rare for the House of Commons to be sitting on a weekend and this Saturday will be the first since the Falklands War back in 1982. Does this mean we can expect something of substance and some breaking news come the weekend? 

Sterling Rebounds

Within 24 hours of the Johnson-Varadkar meeting, Sterling jumped against the Euro to €1.14766, a rise of 2.59%. It also strengthened against the US Dollar by 3.78%, reaching $1.26682. Since then, both these values have dropped slightly respectively after the latest reality check from the EU. 

GBP - USD Exchange Rate www.XE.com

Gold In Need of a Recovery

These currency fluctuations are translated into the value of gold, with a strengthening in the Pound complementing a fall in the sterling price for gold per troy ounce.

Further Reading

You may be interested in exploring more articles in our precious metal and coin news section of the website.

Related Blog Articles

This guide and its content is copyright of Chard (1964) Ltd - © Chard (1964) Ltd 2021. All rights reserved. Any redistribution or reproduction of part or all of the contents in any form is prohibited.

We are not financial advisers and we would always recommend that you consult with one prior to making any investment decision.

You can read more about copyright or our advice disclaimer on these links.