The pound rises on the FOREX markets after the BrexSec reports that a deal maybe only three weeks away

October 31st, 2018

Raab names November 21st as the date

There’ve been developments in the government’s negotiations with the EU on Brexit, with Dominic Raab, saying in a letter to MPs on the Brexit committee that he will be willing to give evidence once a deal was finalised and that they currently expected November 21st to be suitable.

It appears that the government is looking to finalise a deal at the meeting of the European Council schedule for mid November a timing which would allow this TMay to get backing for the package, whatever it is, from MPs before Christmas.

Whatever the final details are this move creates a level of certainty which business and others have been seeking ever since the referendum outcome on June 23rd 2016.

    For many the fact a deal is in prospect is far more important than the detail and that is TMay’s great strength.

In his letter Raab said that the EU had accepted a UK plan for a partial solution to the Northern Ireland issue which would avoid a hard border. This has been a sticking point for a long time and made more complicated by the fact that the government is reliant on the DUP for its support in the event of a confidence vote.

On Betfair it is now it’s 62% chance on the market that Britain will leave the EU as planned on March 29th next year.

Once the deal is agreed the next stage is for it to get through the Commons and it is far from certain whether MPs will accept it.

Mike Smithson