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The value of the pound has increased against the euro today in the latest exchange rate figures. GBP now converts to €1.1337 according to figures accurate at 7:16am this morning. This is up
from the same time yesterday, when sterling converted to €1.1281. It continues the pound’s streak of upwards movement against its rival currency this week. Laura Parsons, currency analyst at
TorFX, said progress in Brexit talks are likely to have benefitted the pound’s value. "Although concerns about the UK’s post Brexit trade deal remain, hopes of that the agreement of
the ‘divorce bill’ will at least get talks underway continued supporting the pound on Wednesday. “The GBP/EUR exchange rate gained half a cent to nose above €1.130 and extended gains as
German retail sales data fell short of the mark. “However, the pairing could slide later today if the Eurozone’s latest inflation figures show the forecast increase in consumer price
pressures." WHAT IS THE BREXIT DIVORCE BILL? This progress follows the development of Brexit “divorce bill” discussions between Prime Minister Theresa May and President of the European
Council Donald Tusk this week. The EU has said the UK needs to make a financial contribution – also known as the divorce bill – to the organisation before it leaves. Now, ahead of Tusk’s
December 4 deadline for a revised Brexit bill, May yesterday offered a larger potential divorce bill to the EU – understood to be up to €50bn (£44bn). This is likely to have improved the
pound’s value, as it raises hopes there will be more progress in other areas of Brexit discussions, such as trade and the ongoing Irish border activity question. Yesterday, the pound rose up
against the euro in spite of ongoing uncertainty surround Irish cross-border activities, which could potentially be affected by Brexit. Hard Brexit would affect around cross border
activities, including heart surgery in Dublin for children from Northern Ireland. The increase of the pound also came ahead of German economic data, which was released yesterday. However,
the German retail sales data showed an unexpected decline, helping the pound to secure its position today.