Sterling extends recent decline after UK opposition leader Jeremy Corbyn formally announced collapse of Brexit negotiation with the government. In a letter to Prime Minister Theresa May, Corbyn said the talks had “gone as far as they can”.
And, “it has become clear that, while there are some areas where compromise has been possible, we have been unable to bridge important policy gaps between us…. Even more crucially, the increasing weakness and instability of your government means there cannot be confidence in securing whatever might be agreed between us.”
May would now bring the Brexit Withdrawal Agreement back to the Commons in the first week of June. But there is practically no chance of getting it approved. Most importantly, regardless of the outcome of the vote, May agreed hammer out her the time line to step down with 1922 Committee chairman Graham Brady.
