Negotiators from the U.K. and EU have reached a draft Brexit deal in the eleventh hour of talks, although there are serious doubts that the agreement will be approved by U.K. lawmakers back in Westminster.
Sterling rose on news after the U.K. made concessions over the Irish border, an issue that had proven to be the biggest obstacle to a deal up to that point. The pound was 0.8% higher against the dollar, at $1.2929, reaching a five-month high.
U.K. Prime Minister Boris Johnson said “we have a great new Brexit deal” via Twitter. He called on British lawmakers to back the deal when it’s put before Parliament on Saturday.
We’ve got a great new deal that takes back control — now Parliament should get Brexit done on Saturday so we can move on to other priorities like the cost of living, the NHS, violent crime and our environment #GetBrexitDone #TakeBackControl
— Boris Johnson (@BorisJohnson) October 17, 2019
Meanwhile, European Commission President Jean-Claude Juncker said the deal was a “fair and balanced” one.
🇪🇺🤝🇬🇧 Where there is a will, there is a #deal – we have one! It’s a fair and balanced agreement for the EU and the UK and it is testament to our commitment to find solutions. I recommend that #EUCO endorses this deal. pic.twitter.com/7AfKyCZ6k9
— Jean-Claude Juncker (@JunckerEU) October 17, 2019