Brexit talks logjam sinks pound

Business | 12 Oct 2017 9:16 pm

The British pound dropped today after the European Union's Brexit negotiator said that significant progress has not been made in talks with Britain. 

Michel Barnier said today after the fifth round of talks in Brussels that despite the "constructive spirit'' shown, "we haven't made any great steps forward.'' 

The British currency dropped almost a cent against the US dollar, or 0.6 percent, to US$1.3145. The pound also dropped to four-week low against the euro at 1.109.

The slow pace of the talks increases the likelihood of Britain leaving the EU without a new deal on future relations like trade. That could see tariffs imposed on imports and exports between the two sides as well as regulatory complications for doing business. Companies widely see this as a worst-case scenario.

British Brexit negotiator David Davis urged leaders of the European Union to "take a step forward'' and move talks on to future relations between the U.K. and the bloc. 

Davis said settling terms of the U.K.-EU divorce is "dependent on discussions of our future relationship.''-AP

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