Pound jumps as EU's Barnier says Brexit deal is within reach
By Alexander Bueso
Date: Wednesday 21 Oct 2020
(Sharecast News) - The pound snapped higher in early trading after the European Union's chief Brexit negotiator told the European parliament that an agreement could be reached.
In remarks to European MPs, Michel Barnier said that: "Despite the difficulties we've faced, an agreement is within reach if both sides are willing to work constructively, if both sides are willing to compromise and if we are able to make progress in the next few days on the basis of legal texts and if we are ready over the next few days to resolve the sticking points, the trickiest subjects.
In response, as of 0926 BST sterling was 0.85% higher to 1.3058.
Significantly, Barnier said that while discussions around maintaining a so-called 'level playing field', in reference to state aid, over "he past few weeks we've seen that the U.K. is willing to look at this demand and to move forward and shift."
In his opinion, an agreement between the two sides needed to be a "balanced compromise," he added.
Barnier and lead UK trade negotiator David Frost were scheduled to speak again later on Wednesday.
A spokesperson for the UK government said Barnier's remarks were being carefully studied but conceded that he had spoken in a "significant" way.
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