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GBP is falling amidst the BRICT developments

2019-01-08 10:46 am | Resource: News | No Views : 189

 cable traded in red on Tuesday amid the bricad developments around the tug with the European Union on Article 50

The European Union and the United Kingdom are considering the extension of Article 50

EU and UK officials enjoy the possibility of expanding article 50 as concerns over Britain's exit agreement with the EU continue, as people familiar with the issue told the Telegraph newspaper.

EU sources told the newspaper that some British officials were "testing the waters" to see if the extension was possible. "We assume that this is based on some talks in Westminster, although we are clear that the government has officially become dead against it and does not want to do so," a source said.

Article 50 of the Treaty of Lisbon provides for a member State of the European Union for two years from which it must leave. The United Kingdom launched the article on March 29, 2017. However, the British exit agreement proposal was not adopted by the British Parliament less than three months before the deadline.

Barclay in the UK: No talks with the EU on the extension of Article 50

Britain's british secretary Stephen Barclay said on Tuesday there were no discussions at the moment with the EU on the extension of Article 50, and thus denied a previous Telegraph report that claimed UK and EU officials welcomed the possibility of delaying the day of a country leaving the bloc.

In a radio interview with the BBC, Barclay said there would be "real difficulties" in extending Article 50, which gives a member state of the European Union two years to negotiate an exit agreement.

Barclay said European Union leaders had made clear they would not negotiate another exit package from the EU except for a deal to be voted on in the UK parliament next week. At the same time, he stressed that another referendum on leaving the country for the EU would be "very destructive".

GBP Trades
  • The pound traded against the dollar, shedding 0.06% to trade at 1.2757.
  • The cable also fell against the yen by 0.01% to GBP / JPY at 138.78.
  • In front of the franc, the pair retreated slightly as the pair traded at 1.2510.
  • Against the Euro, the Pound was up 0.19%, with EUR / GBP trading at 0.8970.  

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