Pound rallies as hopes for Brexit deal soar - Boris set to make last-ditch offer on fish - Daily Express

Sources familiar with the trade talks told Bloomberg Britain had tabled a more generous fishing offer after saying it would not budge on the issue. The EU’s negotiating team led by Michel Barnier is considering the new offer. The report came just hours after Boris Johnson insisted Britain would thrive in the event of a no-deal Brexit.

Twitter account Euro Guido shared a photo of the pound rising against the euro on Monday evening.

The snap showed Sterling had risen 0.41 percent against the euro.

There were suggestions online that markets were flocking to buy Sterling with the belief that a trade deal is imminent.

The jump came after Sterling fell against the dollar and euro, down 0.42 percent and 0.45 percent respectively.

Sources said the UK’s negotiating team, led by Lord Frost, had offered to reduce the value of the EU’s catch in British waters by about a third.

Last week the UK said the bloc must accept a 60 percent reduction for a trade deal to be signed.

READ MORE:Boris Johnson’s plan for 22-mile bridge across Channel

Every year the EU catches £590 million worth of fish in British seas.

The EU side is discussing the offer with hardline member states, such as France and Denmark.

While the UK has indicated it would be willing to accept a three-year transition period on fisheries, the EU is pushing for seven years.

Both sides could strike a deal by meeting half-way and agreeing to phase in changes over a five-year period.

News of the offer came after France insisted it would not accept the UK's fishing demands. 

French European Affairs junior Minister Clement Beaune said the UK’s proposals on fishing rights are so far unacceptable to France.

Mr Beaune said major issues remained on the issue of fisheries, which is seen as one of the main stumbling blocks to a trade deal.

Britain says trade talks are stalled on two issues - the so-called level playing field and fishing - and has repeatedly said the EU has to budge or there will be no deal.

Failure to agree a deal on goods trade would send shockwaves through financial markets, hurt European economies, snarl borders and disrupt supply chains.

Unless Mr Johnson can strike a trade deal with the EU in the next 10 days, the UK will cut ties with its biggest trading partner at 11pm on December 31 after four decades.

This is a breaking news story… More to follow…

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2020-12-21 20:01:00Z
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