Sterling weakened on Friday as Prime Minister Theresa May wrote to EU Parliament President Donald Tusk to request a Brexit extension until the 30th of June. This comes as MPs still haven’t agreed on a withdrawal deal, despite engaging in cross-party talks at the end of last week.
On Sunday, May released a video on Twitter explaining why she’s holding talks with Labour. In the video, she also states that due to the Yvette Cooper amendment, which effectively takes ‘no-deal’ off of the table, Parliament now have to choose between “leaving the European Union with a deal or not leaving at all.”
The House of Lords gave the Yvette Cooper bill its initial approval on Friday, and the remaining stages will be debated today. Labour has said that it expects talks to continue this week in an attempt to formulate a cross-party pact before the 12th of April. Sterling looks slightly stronger this morning, perhaps due to hopes that ‘no-deal’ will be taken off the table.
