The British pound surged after Theresa May’s speech, in which she set out for the first time that her government is determined to make a clean break from the EU. Prime Minister Theresa May said she would give Parliament a vote on the final Brexit deal.
Theresa May offered her most explicit vision of Britain’s future relationship with its European Union neighbors. May pledged to quit the single market and instead seek a customs agreement with the bloc to deliver “a smooth and orderly Brexit.” Theresa May confirmed that the Brexit deal will be subject to parliamentary approval, sparking a rally in the pound. British pound has built on gains seen after hotter than expected UK inflation data earlier. Cable is presently up by 2.6% at six day highs above 1.2340, putting in some distance from yesterday’s three-month lows that were seen just less than 1.2000.