Sterling rose by 0.64 per cent to $1.3012 against the dollar today after the European Union’s Brexit chief Michel Barnier said that “the no-deal scenario is not our scenario.”
Sounding a positive note, Barnier said: “We want to establish the closest relationship possible with your country – and I will be saying this in greater detail later – and what will be an unprecedented relationship. We are determined to find an agreement. Let me repeat also that the no-deal scenario is not our scenario.”
Barnier also said there were positive elements of the UK’s Chequers proposal, but he had concerns with the concept of a single rulebook for the trade in goods and a Facilitated Customs Arrangement – a position he has stated publicly several times.
He said there would not be a series of mini-deals with the UK in the event of no overall Brexit deal.