Pound weakens owing deadlocked Brexit talks over exit bill

Owing to deadlocked Brexit talks, the pound has weakened even as Chief negotiator of the European Union said that the talks were stuck over money. This has further increased the political uncertainty for the UK currency that fell over 12% after the last year’s vote to exit the EU.

The chief negotiator of the European Union further elaborated that UK’s refusal to elaborate on the cash offer is very disturbing for business. The UK and the EU have not made any considerable progress over the exit. They are stuck with the exit bill that UK must pay to the EU, informed Michel Barnier, as quoted by The Hindu.

Michel Barnier explained that the deadlocked Brexit talks were owing to the differences over the amount the UK must pay to the EU for its exit from the bloc. UK’s refusals to give details of the cash offer was very perturbing for business added Barnier. The pound fell a full cent versus the dollar after the statement of Barnier over deadlocked Brexit talks. It reached the lowest for the day with 1.3122 $ from the earlier 1.3212 $.

The chief negotiator of the European Union cautioned that the stalemate over the exit bill has now reached worrisome levels. The deadlocked Brexit talks are extremely perturbing said Barnier at the news conference with his UK counterpart David Davis. This was the fifth round of talks over the UK’s exit from the EU.

Barnier also added that the UK must express political will to come out successfully from the exit talks. If this political will is expressed, it is possible to achieve a major breakthrough within the next 2 months, said the Chief negotiator of the European Union.

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