THE value of the pound has taken a tumble this morning against the euro and the dollar as Brexit talks hit a “standstill”.
Sterling stood at 1.157 against the euro this morning, before slipping to 1.150, although it has recovered somewhat to 1.156 at the time of writing.
This means 1 is worth about 1.15.
Against the US dollar, the pound peaked at 1.2785 earlier today before falling to 1.268, although at the time of writing at 12.30pm it was back around the 1.276 mark.
This means 1 would buy you about $1.27.
It comes as EU sources today said Brexit talks had hit a “stumbling block” and were now at a “standstill”.
Both sides missed a midnight Brexit deadline to seal a deal last night – leaving Prime Minister Boris Johnson with 48 hours before he might have to seek a third delay.
Talks are said to have hit a “stumbling block” today over two crucial issues of customs, and consent for Northern Ireland’s rules.
More to follow…