Pound falls as Brexit talks stay dead­locked

Gulf News - - Business -

Theresa May has a week — at most — to come up with con­ces­sions so that dead­locked Brexit talks can fi­nally move on to trade. The main stick­ing point is how to pre­vent a hard bor­der emerg­ing in Ire­land after Brexit.

That means the key de­ci­sion-mak­ers are now the Ir­ish gov­ern­ment and North­ern Ire­land’s big­gest party.

The pound was down 0.4 per cent at $1.3440 at 12.04pm yes­ter­day in London, a third straight de­cline.

Real con­cerns

Ir­ish For­eign Min­is­ter Si­mon Coveney told law­mak­ers in Dublin that the gov­ern­ment wants to be “help­ful,” as May scram­bles to find word­ing that will al­low Brexit talks to move on. Still, he made clear that the ad­min­is­tra­tion isn’t budg­ing from its cen­tral po­si­tion of seek­ing guar­an­tees to en­sure no hard bor­der re-emerges on the is­land of Ire­land.

“We ac­cept that the Bri­tish gov­ern­ment is try­ing to move this process for­ward in good faith,” he said. “We want to work with them not against them but Ire­land has real con­cerns.”

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