Pound hits 21-month high as Brexit delay looms – business live

Rolling coverage of the latest economic and financial news, as sterling rallies and Bank of England governor Mark Carney faces MPsLatest: PM promises several Brexit votesSterling rallies to €1.162 as City expects Brexit delayBank of England boosts liquidity auctionsUnpalletable truth: UK not ready for no-deal trade with EUMPs will vote on whether to rule out no-deal tomorrowLabour: we’ll back a 2nd referendum to stop Tory no-deal Brexit 1.53pm GMT Claire Walker, co-executive director at the British Chambers of Commerce (BCC), has warned business leaders to keep preparing for all Brexit possibilities:“The overriding priority is still to assure businesses and communities that an unwanted ‘no deal’ scenario will not happen by default on March 29th.“Businesses still need to ensure they are preparing for all possible scenarios and government and its agencies must provide clear, precise and accurate information for all eventualities.” 1.42pm GMT Edwin Morgan, interim Director General of the Institute of Directors, has welcomed Theresa May’s commitment to let MPs vote on extending Article 50.Morgan also warned that most UK firms simply aren’t ready for a no-deal Brexit (not least if they need a pallet to ship goods to Europe!).“The Prime Minister is right to put her cards on the table for what happens if she fails to get approval for a withdrawal deal by 12 March. Parliament must feel and accept the weight of responsibility that is on their shoulders. The message from our members is clear, nearly 80% would choose to avoid a no-deal outcome. Too much information about that scenario is still missing – including from our own Government – for firms to be ready in a few short weeks.“Seeing the impasse continue may not be comfortable for businesses, but a disorderly exit could bring unbearable disruption for firms in sectors from farming to finance, manufacturing to business services, across the UK. It is a long time since we have been in a world of easy choices, and while an extension is not an end in itself, it may become a necessity to achieve an orderly exit.” Continue reading…
Via: Pound hits 21-month high as Brexit delay looms – business live