GBP: David told to appear in front of the Brexit select committee

Initially the pound weakened sharply against the dollar and didn’t perform much better against the euro yesterday, following the uncertainty surrounding the Northern Irish-Irish border following the UK’s withdrawal from the European Union. It is a situation that threatens to rumble on with no clear end in sight.

Meanwhile, MPs met in the House of Commons to discuss whether David Davis has ignored the binding vote to hand over reports of the potential impact of Brexit on 58 sectors. The argument comes as a result of his handing over heavily edited documents and the House of Commons Speaker, John Bercow, has told David he must appear in front of the Brexit select committee within days or he could be held in contempt of parliament. This will do nothing to assuage investors’ fears over Brexit.

But then came the rumour that the UK was going to acquiesce to the EU’s divorce bill terms and sterling staged a remarkable and significant recovery.

Today sees the release of the mortgage approvals for October and the BoE’s consumer credit report.