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British pound falls on reports that Brexit talks are close to breaking down

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October 8, 2019

Sterling fell sharply against the dollar Tuesday morning with several British media outlets reporting that Brexit talks were close to breaking down.

On Tuesday morning, Sky News reported that German Chancellor Angela Merkel had told U.K. Prime Minister Boris Johnson a deal is “overwhelmingly unlikely,” citing a Downing Street source.

Meanwhile, the BBC said a government official told the broadcaster Tuesday that the EU had not shown a desire to “budge one centimeter” since Johnson submitted new proposals to Brussels last week. The official, who was not named, said a deal was not completely ruled out, but the BBC cited another unnamed source as saying Johnson’s plans were “the only way out.”

By 10:30 a.m. London time, the British pound traded 0.47% lower against the dollar at $1.2235 as the reports emerged.

The U.K. government’s new plans have received a lukewarm reception on the continent. This week was seen as the last in which both sides could try to find an agreement on a Brexit deal, ahead of the U.K.’s scheduled departure date of October 31.

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This article was posted: Tuesday, October 8, 2019 at 5:08 am

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