Intra-Day Market Moving News and Views
05 Jan 2017 01:30GMT
EUR/GBP - 0.8535.. A piece of Brexit news on U.K. Telegraph which came out in Australian morning worth noting. PM Theresa May will threaten to take Britain out of the single market unless the UK is given full control of its borders in a significant Brexit speech designed to counter claims she has no plan for leaving the EU.
The Prime Minister will outline her "vision for Britain outside of the EU" in a major speech later this month that will focus on the economy and immigration.
Both David Davis, the Brexit Secretary, and Boris Johnson, the Foreign Secretary, are having "significant" input into the speech, sources said. However, Liam Fox, the Trade Secretary considered one of the "three Brexiteers" alongside Mr Davis and Mr Johnson, is understood to have been sidelined.
The speech will be seen as a retort to claims of "muddled thinking" in Mrs May's Government by Sir Ivan Rogers, who on Tuesday resigned as Britain's EU ambassador after a series of rows with Downing Street.
One source predicted that Mrs May will make the speech after a Supreme Court ruling which will decide whether she has to formally consult Parliament before triggering Article 50, which begins formal Brexit negotiations.
Downing Street wants to get back on the front foot in the wake of the shock resignation of Sir Ivan, who had been "cut adrift" by Mrs May and her allies because of his negative view of Brexit.