The pound has weakened against the euro and the dollar this morning, after the UK and the EU have decided that Sunday should be the final deadline to agree a trade deal. Prime Minister Boris Johnson and President of the European Commission, Ursula von der Leyen, established this deadline yesterday after meeting face-to-face in Brussels. However, the details suggest that Sunday isn’t a ‘hard’ deadline.
The meeting didn’t produce any breakthroughs. A statement from the office of the Prime Minister read: “The PM and Mrs von der Leyen agreed to further discussions over the next few days between their negotiating teams. The PM does not want to leave any route to a possible deal untested.”
There are some worries over the new deadline, as sticking points remain. In a statement after the meeting, von der Leyen said, “We understand each other’s positions. They remain far apart”.
A series of data was released for the UK this morning. The UK’s GDP on a 3-month rolling average came in at 10.2%, slightly higher than forecast of 10.1 percent. It compares with a 15.5 percent growth in the three months to September. Accommodation and food services recorded the biggest increase. In the month of October alone, the economy grew by 0.4%, down from 1.1% in September.
