Pound LIVE: Sterling up as May considers EU trade deal with ‘Norway-style’ payments
THE POUND is up as Prime Minister Theresa May explores whether the UK can secure a Brexit trade deal with the EU by making “Norway-style” payments to the bloc to help fill the £13.2 billion (€15bn) hole Britain's departure will create.
GETTY
9.02am - FTSE up at start of day
The FTSE 100 index is up 5.61 to 7,736.40 at the start of the week.
Shire and NMC Health are the big risers so far today with Relax and Paddy Power the top of the fallers.
8.27am - Pound up as trade talk chat heats up in the corridors of power
The Pound is up on the Euro at the start of the day to 1.135, a rise of 0.15 percent, against the Dollar Sterling has also risen a thin 0.05 percent to 1.3897.
Prime Minister May is reported to be considering the plight of remainer Cabinet ministers who are telling the PM to further explore a “Norway-style” payments trade deal with the EU.
The UK's withdrawal from the bloc leaves a whopping £13.2 billion (€15bn) black hole in the EU's finances and there is a growing realisation that money is the only language that really talks for the 27 remaining nations.
However, PM, who has already suffered a number of u-turns over the last year, has always maintained that Britain would not pay for EU single market access after Brexit.
The Financial Times are reporting that Whitehall officials say Britain could channel money to Brussels by paying “over the odds” to take part in EU programmes such as science and research.
“Money is what the EU really care about,” one person familiar with the cabinet’s discussions told the FT.
“Germany doesn’t want to fill that EU budget hole.”
