Pound falls following Fox's no deal warning

Liam Fox

Liam Fox stated the chances of a'no deal Brexit occuring were now'60-40

Mr. Fox said if the European Union did not like the proposal, they should "show us one that they can suggest that would be acceptable to us".

The prospect of a no-deal Brexit saw the pound fall to below $1.30, an 11-month low, yesterday.

He said that Barnier had rejected Prime Minister Theresa May's latest plan, agreed by her cabinet, on the grounds that "we have never done it before".

"Considerable additional resource would be required for policing to operate using non-EU tools and ... such tools would be suboptimal - potentially putting operational efficiency and public safety at risk", said the letter, signed by commissioners representing the Conservative and Labour parties as well as independents.

That's the message from the European Commission following British claims its intransigence means no-deal is more likely.

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Fox's interview follows on from a warning on Friday by Mark Carney, Governor of the Bank of England, who said that the likelihood of a No Deal is "uncomfortably high" and that everything should be done to avoid it. Hammond told a meeting of City executives that while the bloc will initially minimize disruption, it's likely to pass regulation over time that hampers United Kingdom banks, according to the paper.

May hopes to conclude a divorce deal and the broad outline of a future trade agreement by October, giving the United Kingdom and European parliaments until Britain's scheduled departure in March to debate and vote on the package.

No. 10 insists the government remains confident it can get a good deal.

The Prime Minister held talks with French President Emmanuel Macron on Friday, cutting short her holiday to visit his summer retreat. The EU is acting as one in these negotiations and refusing to compromise even if it is in the interests of both sides for it to do so.

And ministers including Foreign Secretary Jeremy Hunt and Brexit Secretary Dominic Raab have also engaged in diplomatic activity in Europe in recent days as the Government seeks to deal directly with individual governments in an effort to keep the Chequers plan alive.

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