Sterling soars as May gives 'welcome clarity' on Brexit negotiations

Pound's best day since 2008

Tom Eckett
clock • 6 min read

Sterling hit its biggest daily gain since 2008 after Prime Minister Theresa May calmed markets with the promise of more clarity around Britain's negotiations to leave the European Union.

May said the UK "cannot possibly" remain in the single market while not being in the EU as it would mean not leaving the union at all.  She also promised to give Parliament a vote on the final deal agreed with the EU and to seek new trade agreements with countries outside of the euro bloc. However, she also pledged to emerge from the Brexit negotiations "more united" and "outward looking", while she insisted that although the UK is leaving the EU, "we are not leaving Europe". At the same time, May calmed the fears of UK businesses, mentioning an "phased process of implementation" t...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Economics / Markets

Gilt yields fall after Donald Trump backs down in 'tariff war'

Gilt yields fall after Donald Trump backs down in 'tariff war'

US president pauses most additional tariffs

Jonathan Stapleton
clock 10 April 2025 • 2 min read
Reeves defends yearly Budget to avoid 'constant chopping and changing'

Reeves defends yearly Budget to avoid 'constant chopping and changing'

Treasury Committee scrutinises chancellor on Spring Statement

Isabel Baxter
clock 02 April 2025 • 3 min read
Five key takeaways from the Spring Statement 2025

Five key takeaways from the Spring Statement 2025

OBR growth, ISA reforms and defence

Sorin Dojan
clock 27 March 2025 • 4 min read