07/12/2020

Brexit talks hang in the balance


GBP

Sterling retracted from a 2 and a half year high against the US dollar at the end of last week after Britain and the European Union failed to strike a trade agreement, with discussions being temporarily paused to allow negotiators to talk to politicians for guidance. The euro also moved higher against sterling after the Brexit news.

With less than four weeks until Britain officially leaves the European Union on Dec. 31st, both sides still maintain talks are stuck on three key areas- fisheries, state aid and fair competition, with each calling for the other to compromise. UK chief negotiator, David Frost arrived in Brussels on Sunday and said both sides are still working very hard to get a deal and hopes one can be reached soon.

Sunday’s meeting follows talks between Prime Minister Boris Johnson and European Commission President Ursula von der Leyen on Saturday. In a joint statement put out after the meeting, they said fishing rights, competition rules and how any deal would be enforced were still causing problems, and that no agreement is feasible if these issues are not resolved. They have agreed to talk again on Monday evening.

Key announcements

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