BoE tells UK banks to step up plans for no-deal Brexit

Hi everyone,


The timing of the headline is what is interesting investors today, just as EU-UK negotiations restarted yesterday. It's obvious that the banks and companies will need to start preparing for a no-deal Brexit if a deal or extension isn't agreed by the end of the month, but why the statement now? Maybe it's a ploy by the UK's negotiators or maybe Boris is planning on walking away from the table come the end of the month.

The Pound rallied across the board yesterday amid stronger signs of a global economic recovery and promising initial EU-UK trade talks. £-$ has climbed 2% this week and £-€ is up 1% because of the news. The main headline is that the UK is set to offer flexibility on the EU's fishing access, if the EU agrees to lessen its regulatory demands. An official briefing on the weeks talks will come on Friday by both parties.

Elsewhere, PMI data for the UK & EU show both economies are continuing to improve from Aprils slump. The numbers are encouraging and the lifting of lock-downs should propel us far away from the record low figures seen in April. Finally, Germany has confirmed they will allow travel into the country by EU members from June 15th. This coincides with many other countries in the Euro-Zone and so European summer holidays could still be on for us Brits yet!

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