UK’s Sunak: Extending Brexit transition would not be the right thing to do
The UK Finance Minister/ Chancellor Rishi Sunak is back on the wires now, via Reuters, making some comments on the economy and Brexit negotiations.
Key quotes
“June GDP figure was encouraging, there are promising signs.”
“But it won't feel like a V-shaped recovery if you have lost your job.”
“Extending the furlough scheme is not sustainable.”
“There is good progress in several areas of Brexit negotiations.”
“But there are gaps on a couple of big issues.”
“Extending the Brexit transition would not be the right thing to do.”
Market reaction
GBP/USD is benefiting from the risk-on market mood, despite the collapse in the UK Q2 GDP. The spot rises 0.13% to 1.3067, at the time of writing, as the safe-haven US dollar wipes out gains amid a return of risk appetite.
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.
