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UK's CBI: We need government assurances for a smooth Brexit transition

Monday, Nov 21 2016
UK's CBI: We need government assurances for a smooth Brexit transition

The CBI is holding its annual conference and the President, Paul Dreshler, has been speaking. He noted that logistics could be affected the most by Brexit and that the uncertainty could fuel inventory demand. The UK needs business leaders to hold their nerve in uncertain times, he said, addid that they need to show people that business is on their side.

Theresa May is speaking also. She said she is determined to deliver change demanded in EU referendum, but the EU negotiations cannot be done quickly. Business must commit to investing in Britain for the long term. According to May, Autumn statement will be ambitious for business and ambitious for Britain. Chancellor will commit to providing a strong and stable foundation for UK economy. In her opinion Brexit offers an opportunity to get dynamic trading agreements. However, she needs to take the time to get UK Brexit negotiating position clear especially as she understands business people don't want a cliff edge after Brexit.

 

Sterling is currently being traded around 1.2380 level. Pair is likely to find support around 1.2320 area and resistance above 1.2450 handle.

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