The pound is weaker this morning, but still at strong levels against the dollar. The Prime Minister spoke with the European Commission President and both sides have confirmed that big differences remain between the two sides. Boris Johnson has said that a no-deal is “very likely” unless the EU position changes “substantially”.
The European Parliament has said that they would not have time to ratify a deal before December 31 if it is not agreed by Sunday. However, Michael Gove said yesterday that there is a way around this, as they can “apply provisional application of the treaty”.
Reports suggest that fisheries is still the major sticking point to overcome. Downing Street also explained yesterday that with the level playing field, “fundamental areas remained difficult”.
The Bank of England announced yesterday that they would keep interest rates on hold at 0.1%. They also said that the outlook for the UK economy had evolved “broadly in line” with its latest forecasts published in November.
