BREAKING NEWS

BREAKING NEWS

Pound jumps on report EU may offer Britain UK-wide customs union

Pound jumps on report EU may offer Britain UK-wide customs union
FILE PHOTO: An employee is seen walking over a mosaic of pound sterling symbols set in the floor of the front hall of the Bank of England in London, Britain 25, 2008. REUTERS/Luke MacGregor/File Photo -
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Luke MacGregor(Reuters)
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LONDON (Reuters) - Sterling gained half a percent versus the dollar and euro on Tuesday after Ireland's RTE News reported that the European Union may offer Britain a UK-wide customs union.

The pound rose from just below $1.30 to as high as $1.3044 after the report, up 0.6 percent on the day. It also jumped versus the euro to as much as 87.995 pence before easing back to 88.1 pence .

Reuters had reported on Monday that EU negotiators were looking at ways to promise Britain a customs deal.

Analysts said the EU offering a UK-wide customs union would show that the two sides were moving closer towards resolving their differences and reaching a Brexit deal, although such a proposal would not be popular among some of May's colleagues in her Conservative party.

May's spokesman also said on Tuesday that the British leader was confident she could get a Brexit deal that will win the support of parliament.a

(Reporting by Tommy Reggiori Wilkes; editing by Sujata Rao)

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