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Brexit: Hard Objectives to Square with Sterling

  • Ahead of the EU's formal Brexit-negotiating guidelines being agreed on 29 April, it is worth remembering the UK's position. The UK’s 12 objectives for Brexit are already for the UK to leave the single market and the substantive aspects of the customs union.
  • Ending the ECJ’s jurisdiction over UK law is difficult alongside another objective to have elements of the single market in certain areas. Most difficult of all is the aim to conclude it all in 2yrs. Having bespoke arrangements for specific areas will be complicated to negotiate, so a transitional state may gain further importance.
  • Targeting a ‘hard’ Brexit has not harmed Sterling since the announcement, despite this being what traders had feared. Parliament’s promised vote should not provide much comfort, although the general election probably provides more room to make some softer concessions, including around a transitionary deal.

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Brexit: Hard Objectives to Square with Sterling

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