Sterling surges as EU diplomat says Brexit deal 'imminent'
By Michele Maatouk
Date: Wednesday 23 Dec 2020
(Sharecast News) - Sterling surged on Wednesday after a senior EU diplomat said a trade deal between the UK and European Union was "imminent" and could be agreed by the evening.
According to Reuters, the diplomat said EU member states would have to approve a provisional application of the deal with effect from 1 January as there is not enough time for it to be ratified by the European Parliament.
Sources said a deal was "pretty much there" and would be announced "today or tomorrow".
At 1515 GMT, the pound was up 1.3% against the dollar at 1.3528 and 0.9% higher versus the euro at 1.1084.
Earlier, Sky News political correspondent Joe Pike tweeted: "BREAKING: No 10 source: 'The deal is done'."
This was followed a few minutes later by: "However other senior No 10 sources far more cautious: 'We're still talking'."
According to The Guardian, EU states are preparing for the possibility of a Brexit deal being struck within the next few hours, scheduling a Christmas Eve meeting to start the ratification process. It was understood that ambassadors in Brussels have been told to be available to meet on Thursday should the negotiations bear fruit.
The Guardian said sources in London and Brussels had confirmed that talks were coming to a successful conclusion, with one senior source saying "the stars have aligned".
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