Sturgeon says time to push for UK to stay in single market after Brexit

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Nicola Sturgeon, leader of Scotland’s devolved government, said the failure by Prime Minister Theresa May to secure a Brexit deal on Monday could signal the moment for opponents to push to keep Britain in the single market and customs union.

May failed to clinch a deal in Brussels on Monday to open talks on post-Brexit free trade with the European Union after a tentative deal with Dublin to keep EU rules in Northern Ireland angered her allies in Belfast.

“This could be the moment for opposition and soft Brexit/remain Tories to force a different, less damaging approach – keep the UK in the single market and customs union,” Sturgeon said on Twitter. “But it needs Labour to get its act together. How about it @jeremycorbyn?”

Sterling skidded on Tuesday to its biggest fall since November 2 after being whipsawed by disappointing Brexit talks. /VCG Photo

Sterling skidded on Tuesday to its biggest fall since November 2 after being whipsawed by disappointing Brexit talks.

The British currency fell by 0.53 percent to 1.3376 US dollars against the dollar as investors were disappointed after Britain fell short of securing a deal with EU officials on Monday before crucial trade talks begin next week.

It slipped further after Scotland's leader Nicola Sturgeon said the failure by Prime Minister Theresa May to secure a Brexit deal on Monday could signal the moment for opponents to push to keep Britain in the single market and customs union.

The FTSE stock index, however, edged 0.3 percent higher as the cable's decline was seen benefiting exporters.

But analysts argued sterling's losses were likely to be limited.

EU leaders have demanded she guarantee there will be no hard land border in Ireland before a summit next week, if the talks are to move on to discussing future trade and a transitional deal. /VCG Photo

"The immediate fallout should be limited as markets have become well versed with the idea that Brexit won't be solved overnight," said Market Insider, adding that "we remain constructive on GBP."

EU leaders have demanded she guarantee there will be no hard land border in Ireland before a summit next week, if the talks are to move on to discussing future trade and a transitional deal.

The unraveling of the deal also left many Conservatives questioning Ms May’s handling of the talks, amid disbelief that the DUP had not been squared off in advance.

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Source(s): Reuters