Pound Rises on Optimism Over Brexit


On Friday, Dominic Raab, the Brexit Secretary of the United Kingdom, travelled to Northern Ireland as a Brexit deal hinges upon a resolution to the question of the ways to prevent a hard border on the island of Ireland.

The Brexit secretary has disclosed that he is hoping to strike an agreement with the European Union regarding the terms of the departure of the United Kingdom from the bloc within three weeks – by the 21st of November.

While Downing Street did not disclose the timeline of Raab, Theresa May, the Prime Minister of the United Kingdom has proposed that the United Kingdom as a whole would continue to be part of the customs union of the European Union until a permanent solution can be arrived at over the Irish conundrum.

Doing so would pacify the DUP, the parliament allies of the Tories, by preventing a regulatory and customs border from being implemented in the Irish sea.

However, Brexit supporters have expressed their opposition to such an idea, which would tie the United Kingdom to the rules of the  European Union on goods and agri-foods.

However, the pound improved on reports that a Brexit deal will be coming soon. This morning, it was able to hit 1.30 against the US dollar as the Ireland question continued to be the major obstacle to an overall agreement, which both of the sides have said is nearly over the line.

The visit of Raab to Northern Ireland to meet business groups came as the United Kingdom seemed to be close to agreeing on a deal for access to financial services between the United Kingdom and the European Union post-Brexit.

Reports of such a deal were reportedly based on the equivalency rules of the European Union. Reportedly, reports that it was already on the verge of being signed were dismissed by the PM May yesterday.

However, The Times, which released the said story, adhered to its sources. It insisted that a deal is already on the horizon.