The British Pound gained against the dollar this morning after Theresa May said Britain would seek “maximum possible access” to the single market when Brexit negotiations begin.
Sterling has fallen dramatically over the past ten days, after Theresa May appeared to favour a ‘Hard Brexit’ in a speech at the Conservative party conference. This would mean prioritising immigration control over continued access to the single market, sparking alarm for investors.
However, May told parliament in a speech on Wednesday that she would be negotiating for “maximum possible access” to the European market.
“What we are going to do is be ambitious in our negotiation, to negotiate the best deal for the British people.” She added that the deal must also include increased control over immigration.
The Pound also rallied on reports that May would give British lawmakers a chance to vote on the Brexit agreement. It rose as high as 1.6 percent against the dollar to $1.2326, but has now steadied to around 1 percent up.
12/10/2016
