Pound falls as May backs down
|There’s been a fairly strong move lower in the pound in the last hour after the announcement that UK PM May has agreed to add a time limit in the Brexit backstop paper, following intense pressure from David Davis. It had been touted that Brexit secretary Davis may hand in his resignation if May wouldn't cede on this, but the PM seems to have backed down. As one of the most prominent Brexiteers in the cabinet, Davis staying in his role has seemingly stopped the government moving closer still to a "soft" Brexit and this is negatively impacting the pound.
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