Pound LIVE: Sterling steady as EU plans to prolong Brexit transition | City & Business | Finance - World Big News

Pound LIVE: Sterling steady as EU plans to prolong Brexit transition | City & Business | Finance

In Finance News


7.25 – UPDATE – Pound unmoved by Brexit speculation

Sterling is down a very thin 0.04 per cent against the Euro to 1.1235 and up an equally thin 0.04 per cent against the Dollar to 1.3545.

It is being reported this morning that ambassadors from the remaining 27 EU countries on Wednesday discussed whether to prolong Britain’s Brexit transition beyond December 2020.

It is believed that Brussels, Paris and Berlin want to maximise their bargaining power as part of a slow trade talks strangle, should the pace of progress begin to stutter.

The instructions for Michel Barnier, the EU’s chief Brexit negotiator, include forcing Britain to make big budget contributions during this period.

7.25 – UPDATE – Open Banking, what you need to know 

New rules come into play tomorrow that will force banks to share customers’ details with rivals.

Derek Corcoran, Chief Experience Officer at Avoka, told Express.co.uk:

“As global banks continue to grapple with regulatory changes and legislation from all angles, they cannot lose sight of the opportunities that these compliance challenges bring.

“Open Banking aims to do exactly what it says on the tin – it challenges banks to make sure they’re putting their customers first.

“Banks need to be thinking not only about keeping current customers happy, but also attracting new ones that might be looking for an alternative.”