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The UK Brexit  Secretary, Stephen Barclay, recently tweeted updates of his talks with the European Union (EU) Chief Brexit Negotiator Barnier that signals the UK is more prepared to leave the region on October 31.

Key quotes

  • Spoke to Michel Barnier today and made our position clear: We want a deal but are leaving the EU on October 31 with or without one.
  • Two new Brexit committees are now up and running. I came away confident; we now have a fresh approach to negotiating a deal and are well prepared to leave the EU.

FX implications

Such tweets from key lawmakers emphasize the UK PM Boris Johnson’s pledge to leave the region by October 31, even without a deal, and can keep exerting downside pressure on the British Pound (GBP).