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UK PM drives sterling bounce after Brexit woe

Wednesday, October 12, 2016 - 01:26

The struggling pound rose after a brutal sell-off, as British Prime Minister Theresa May's offer to give lawmakers some scrutiny of the process to leave the EU calmed market fears of a ''hard Brexit''. But as Kate King reports, there's still plenty to worry about, including new warnings from the financial sector.

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Compromise and currency - two key words for Britain. It's battered sterling rising for the first time in five days after the UK's Prime Minister agreed to let parliament debate her government's plans to leave the European Union. (SOUNDBITE) BRITISH PRIME MINISTER, TERESA MAY SAYING: "What we are going to do is be ambitious in our negotiations, to negotiate the best deal for the British people and that will include the maximum possible access to the European market for firms to trade with and operate within the European market." Sterling rose more than 1 percent against the dollar and euro after the speech. It's taken a beating recently, tumbling to 31-year lows, on fears that Britain is heading for a "hard Brexit." That would mean Britain leaving the EU's single market to the dismay of the country's top bankers. Some are warning they'll move abroad next year if the government puts immigration ahead of protecting their rights to sell financial services across the region. (SOUNDBITE) (ENGLISH) IG MARKET ANALYST, CHRIS BEAUCHAMP, SAYING: "What you will see I think is not a sudden wholesale move but just a gentle drift, they'll keep open offices in Europe they weren't likely to keep open, they will look at not replacing jobs in London instead opening up in other European capitals." Either way the future of London as Europe's financial centre will be a big negotiating point. And Theresa May's optimism may only give the currency temporary relief.

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