Sterling surges as markets see no-deal recede

Sterling soared against the euro and the dollar as fears that the UK will crash out of the EU receded. However, Irish analysts warned that the prospects of the UK having an accidental crash-out could not be ruled out, as London published the tariffs on the goods it imports from the EU, in the event of a no-deal Brexit.

Sterling climbed 1% against the euro and the dollar -- a significant gain for any major currency. It traded at 85.53 pence as MPs prepared to vote on ruling out crashing out of the EU, at the end of the month. Professor Edgar Morgenroth at DCU Business School criticised London’s list of tariffs in the event of a no-deal Brexit as “a political smokescreen” in its blame game with Brussels.