November 13, 2018 / 9:43 PM / a month ago

Sterling will rally sharply if there is a Brexit deal, says NEX Group's Spencer

Nov 13 (Reuters) - Michael Spencer, chief executive of Britain’s NEX Group, said on Tuesday he expected sterling to “rally quite sharply” if the Brexit deal was supported by parliament and cabinet.

“If the deal is perceived by the market as being a proper deal, the parliament will support, the cabinet will support (it). I would imagine sterling could rally quite sharply, easily to $1.35, $1.37”, Spencer said in an interview with CNBC.

Talking about the possibility of parliament not supporting the deal, he said such a development would lead to “unknown territory”.

The British cabinet will meet at 1400 GMT on Wednesday to consider the draft withdrawal agreement after Britain struck a draft divorce deal with the European Union.

Reporting by Kanishka Singh in Bengaluru Editing by Richard Balmforth

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