26/11/2018 - Brexit Deal Agreed

GBP

Over the weekend headlines were dominated by news EU leaders had agreed UK's Brexit deal at a summit in Brussels. Months of wrangling between Theresa May and the EU 27 leaders ended after they approved the Prime Minister’s contentious withdrawal agreement insisting it is the "best and only deal possible".

They said the deal, which did little to boost the Pound, needs to be approved by the UK Parliament. The deal paved the way for an "orderly withdrawal" and that warned British politicians that they will not get a better deal if they reject the deal on the table as there is no 'plan B'.

Theresa May said the deal "delivered for the British people" and set the UK "on course for a prosperous future". Ms may has urged the public to get behind this deal as she believes it is a good deal for the UK and 'unlocks a bright future'. Mrs May stated that this deal would end free movement, protect the constitutional integrity of the UK and having the power to return to making laws without the EU. Lastly she added they would not remove Gibraltar from the "UK family" - a reference to a last-minute dispute with Spain over the territory.

The EU leaders have approved the two key Brexit documents which include the EU withdrawal agreement which includes UK's £39BN 'divorce bill, citizens rights and the Northern Ireland 'backstop - a way to keep the Irish boarder open if trade talks stall. There was also a political declaration which set out what the UK and EU's relationship may be like after Brexit; outlining how things like UK to EU trade and security will work. Attention now turns to the December 12th when the deal with go through the House of Commons to get approval from Parliament.

Key Announcements

EUR - 09:00: ECB President Draghi speaks
GBP - 13:30: BOE Gov Mark Carney speaks