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Pound rises after Theresa May's CBI speech

By Ben Woods

Published 22/11/2016

Prime Minister Theresa May:
Prime Minister Theresa May: "People don't want a cliff edge; they want to know with some certainty how things are going to go"

Sterling has broken above the 1.25 mark against the US dollar after assurances from the Prime Minister that businesses would not be left teetering on a Brexit "cliff edge".

The pound pushed 1.2% higher to 1.2502 against the greenback, as investors welcomed the soothing words from Theresa May, pledging to offer clarity to firms where possible during the government's Brexit negotiations.

During her speech at the Confederation of British Industry's (CBI) annual conference, Mrs May said: "People don't want a cliff edge; they want to know with some certainty how things are going to go."

The pound also gained some uplift from the PM's aim to keep UK corporation tax lower than its international rivals. It may mean going beyond the cut from the current 20% rate to 17% by 2020 already announced by former chancellor George Osborne, as US President-elect Donald Trump has said that he will slash the equivalent tax in America to just 15%.

Belfast Telegraph

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