Theresa May’s Brexit update live from Florence 22 September 2017
- We don’t want to stand in the way of EU reform, we want to be the EU’s strongest friend and partner
- We may be leaving the EU but we’re not leaving Europe
- Brexit vote was a statement by British people about how they want their democracy to work
- The UK has never felt truly at home in the EU
So far May’s comments are hitting the quid. GBPUSD is now down to 1.3525
- Question is whether both sides can can show the creativity needed for a new partnership
- We will not accept any physical border with Ireland
That’s a bullish comment. The EU has already indicated that it may leave that issue to the UK and Ireland, given the complexities of the situation.
- Trade disputes cannot be resolved by either UK courts or ECJ
- Vital that rules are interpreted in the same way by UK and EU
Pound doesn’t like that either. 1.3490 the new low. It suggests the Uk is going to play hardball over trade negotiations and legal matters and who resides over that. That points to long drawn out affairs for any disagreements and markets are taking that as a hard exit point.