Sources: UK has a secret plan to hold Brexit cash if EU refuses to trade - BBG

Dhwani Mehta FXStreet

Bloomberg quoted three people familiar with the matter, citing that some senior British officials have privately discussed the idea of a fallback option that could be triggered if the Brexit negotiations go wrong.

Key Points:

“The proposal comes at a sensitive time, with British ministers seeking in public to build mutual trust with the EU rather than stoke suspicions.

The U.K. is trying to persuade the bloc to cooperate on plans for an ambitious trade agreement, which will come into force after the split.”

Meanwhile, “on Tuesday, Brexit Secretary David Davis will outline his idea for collaboration, promising the other 27 member countries that the U.K. won’t try to undercut them by tearing up regulations when it leaves.

May is planning to announce her goals for a detailed draft trade accord in a major speech next week, with the aim of having a deal drafted by October to be signed soon after Brexit in March 2019.”

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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