UK Brexit minister David Davis speaks in parliament - 24 January 2018

  • Two years for a transition agreement looks about right
  • Existing free trade agreements with EU provides the floor, not ceiling of what UK can achieve post-Brexit
  • Not going to adopt every piece of Canadian free trade agreement with EU, that's not enough for UK
  • During transition, we will be able to negotiate trade deals with other countries
  • Relaxed about transition, primary concern is future relationship with EU
  • It's not a deal breaker that the EU wants a shorter transition period
  • Detailed issues on future ties may continue into transition period with EU
  • During transition, UK will still be under jurisdiction of the ECJ
  • Doesn't see UK paying for access to EU's single market

Davis trying to lay down a bit of background of talks with the EU, but I doubt it'll be as smooth as he's making it out to be here really.

Cable still just above 1.4100 after a spike from the job figures, while EUR/GBP just off session lows now at 0.8755.