BOE’s Bailey tells banks to step up plans for the UK to leave the EU without a trade deal – Sky News
|Citing city sources, Sky News reports that the Bank of England (BOE) Governor Andrew Bailey has told banks to step up plans for the UK to leave the European Union (EU) without a trade deal.
This comes as the UK and EU trade negotiators kicked-off the Round four of the talks on the post-Brexit trade deal, via video conferencing on Tuesday. Round four is going to last for four days, as both sides try another attempt to secure a trade deal.
Note that the end of June is the deadline for the UK to ask for more time for talks, and both sides are due to take stock of the progress so far.
Market reaction
On the above report, GBP/USD saw a quick dip to 1.2570 area before quickly returning to the familiar 1.2585 range. The spot trades with 0.30% gains on a daily basis.
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