Pound LIVE: Sterling FALLS as No.10 promises UK is 'categorically leaving' customs union
THE POUND is down 0.39 percent against the Euro and Dollar this morning after a day of falling stock prices around the world.
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To put this to rest, we are categorically leaving.
Good afternoon.
The Pound is down down 0.39 percent against the Euro to 1.1292, and down against the Dollar 0.39 percent to 1.4053.
As the UK prepares for a week of important meetings that could shape Britain's post-Brexit future, a Downing Street source close to the Prime Minister has insisted that Britain will leave the customs union after Brexit after a week of Tory squabbles over the UK's future relationship with the EU.
A No 10 source told the BBC: "To put this to rest, we are categorically leaving".
Remaining a part of the customs union would make it impossible for the UK to sign trade deals with countries looking to take advantage of Britain leaving the EU. All future trade deals would be dependent on the other 27 EU countries agreeing to terms and many Tory leaders believe that the freedom to strike deals with the likes of US, Australia any number of Commonwealth countries is vital if the UK is to make a success of Brexit.
Later today the prime minister and Brexit Secretary David Davis will meet Michel Barnier ahead of the next round of negotiations getting underway.
Journalists are looking forward to Mr Davis and Mr Barnier once again returning to the lectern and revealing the progress of negotiations on Friday.
Live reporting through the day, below...
1.26pm - UPDATE - Pound falling
The Pound is down 0.39 percent against the Euro to 1.1292, and down against the Dollar 0.39percent to 1.4053.
1.20pm - UPDATE - Dow losses continue
The Dow Jones industrial average futures has fallen another 300 points on the Monday after major US stock indexes capped off their worst weekly performance in two years on Friday.
Concern over the impact of a tightening job market on the prospects for inflation and a surge in bond yields sent investors fleeing equities on Friday, with the Dow Jones Industrials Average dropping almost 666 points - its biggest loss in 20 months.
Read the full report here.
10.17am - UPDATE - German stocks fall
The Pound is now down 0.09 percent against the Euro to 1.1325, but up 0.1 percent against the Dollar 1.4124.
The German stock market suffered a sharp fall this morning after German Chancellor Angela Merkel’s conservatives and the Social Democrats (SPD) failed to conclude coalition negotiations in time to meet a self-imposed Sunday deadline.
SPD members said that progress has been made and talks will reconvene later today.
The German DAX opened 100 points lower at 12,685 on Monday morning, before falling further to trade 140 points, or 1.1 percent lower.
Germany has suffered a double-whammy of bad news with a political uncertainty coming during a period of global stock selling.
8.46am - UPDATE - Global stock sell-off hits FTSE hard
Trading is underway in the City and it is not good news.
The blue-chip FTSE index has posted losses across the board as investors join the global sell-off.
Most shares on the FTSE 100 has dropped this morning with Vodafone leading the selloff, following reports that it could buy European assets from Liberty Global.
The FTSE 100 stands at 7,356.51 a loss of 86.92 points.
The FTSE 250 is at 19,687.28 a massive 275.18 loss.
