Brexit deal will be done within three weeks, reveals Dominic Raab
The pound jumped by one per cent on Wednesday as Dominic Raab claimed a Brexit deal will be agreed within three weeks.
The revelation from the Brexit secretary saw sterling rise to 1.1307 against the euro and bounce back from a two month low against the dollar to 1.2829.
Raab made the claim in a letter to MPs, saying he expected a deal to be done with the EU by November 21.
Downing Street moved quickly to play down the comments, merely choosing to repeat the line that the UK wants a deal as soon as possible.
Ireland’s foreign minister also met the suggestion with scepticism, saying an agreement could only be reached if the UK shifted its position on the Irish backstop dilemma.
The revelation came just hours before Theresa May and Philip Hammond updated 150 business leaders on the status of the Brexit talks at a special meeting in central London.
The Prime Minister and Chancellor were grilled over how prepared the UK was for the different potential Brexit outcomes, as well as answering questions over measures announced in Monday’s Budget – including the introduction of Digital Services Tax.
Raab’s suggestion the talks with Brussels would soon be completed was made in a letter to Hilary Benn, chair of the Brexit select committee, on October 24, but the correspondence was only made public on Wednesday
In response to an invitation to appear before MPs, he wrote: “I would be happy to give evidence to the Committee when a deal is finalised, and currently expect 21 November to suitable.”
The Brexit secretary also revealed the EU and UK had agreed “on the principle of a UK wide customs backstop”, but negotiations were still ongoing on the detail of such an arrangement.
Speaking in Paris, Ireland’s foreign minister Simon Coveney said he believed a deal was possible, but was less positive a solution had been found on how to stop physical infrastructure being installed on the Northern Irish border in the absence of a trade deal.
He said: “We need an insurance mechanism that that can't happen – that's the backstop."
The Prime Minister’s official spokesman refused to commit to the November 21 date, telling journalists: “I have said to you many times, we want to get a deal as soon as possible and that is what we are aiming to achieve.”
Brexit negotiations stalled in October as both sides rejected the other’s proposals to keep the Northern Ireland’s border invisible.
EU leaders decided not to give the go-ahead for a special Brexit summit earmarked for November 17/18 due to the deadlock.
When asked if the UK was hoping that meeting could revived, the PM’s spokesman said: “That’s a decision for the European Council. They have set out that they wish to see further progress being made before they call a further council meeting. We’re working with the EU towards making further progress.”
A Brexit department spokesperson said: “There is no set date for the negotiations to conclude. The 21st November was the date offered by the Chair of the Select Committee for the Secretary of State to give evidence.”