October 23, 2018 / 12:24 PM / 4 months ago

Pound jumps on report EU may offer Britain UK-wide customs union

LONDON, Oct 23 (Reuters) - Sterling gained half a percent versus the dollar and euro on Tuesday after Ireland’s RTE News reported that the European Union may offer Britain a UK-wide customs union.

The pound rose from just below $1.30 to as high as $1.3044 after the report, up 0.6 percent on the day. It also jumped versus the euro to as much as 87.995 pence before easing back to 88.1 pence.

Reuters had reported on Monday that EU negotiators were looking at ways to promise Britain a customs deal.

Analysts said the EU offering a UK-wide customs union would show that the two sides were moving closer towards resolving their differences and reaching a Brexit deal, although such a proposal would not be popular among some of May’s colleagues in her Conservative party.

May’s spokesman also said on Tuesday that the British leader was confident she could get a Brexit deal that will win the support of parliament. a (Reporting by Tommy Reggiori Wilkes; editing by Sujata Rao)

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