Mr Corbyn said: “We have now heard from the EU that the extension of article 50 to 31 January has been confirmed, so for the next three months, our condition of taking no deal off the table has now been met.” Although the UK now faces weeks of political uncertainty around Brexit, this failed to weigh on the pound to euro exchange rate today. In UK economic news, today saw UK consumer credit for September sink below consensus to a five-year low of £0.828 billion, with the Bank of England blaming the credit slowdown on Brexit uncertainty.
Meanwhile, the euro failed to gain on the pound following this morning’s release of the French consumer confidence figure for October, which held on to its 20-month peak of 104.
Analysts at Reuters commented: “Fears of unemployment have strongly receded in recent months which – together with the fiscal boost – helped consumers to restore faith in their future financial situation.
Since the summer, they have been more confident in their future ability to save.”