The pound fell more than 0.5% in early Asian trade Tuesday after media reports said that the British government will make it illegal for the post-Brexit transition period to be extended.
Local media reported early Tuesday that Prime Minister Boris Johnson will add a revision to the Brexit bill that would explicitly rule out any extension to the transition period beyond December 2020.UK Prime Minister Boris Johnson greets newly-elected Conservative MPs at the Houses of Parliament on December 16, 2019 in London, England.fell more than 0.
and later reported by the BBC and other media outlets. Early Tuesday morning, the pound was down almost 0.4% against the dollar, at $1.3282. During the transition period, EU laws continue to apply in the U.K. as if it's a member state, but the country would no longer be represented in the EU's decision-making bodies. Currently, the transition period has the option of being extended for up to two years if both sides agree.
There is skepticism that an EU-U.K. trade deal could be struck in that short time-frame, however, and the pound's fall is due to concerns that the chances of the U.K. leaving the EU without a trade deal have risen.
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