London - 14 March 2019
1. Set-up of Michael Baker, Financial Analyst at ETX Capital
2. Screen showing stock indexes
3. Close of Baker
4. SOUNDBITE (English) Michael Baker, Financial Analyst at ETX Capital:
"Well, we saw a degree of certainty last night with 'no deal' being taken off the table. Parliament once again has gone against government and decided that 'no deal' should not be an option. We've seen sterling naturally rally up as instability has now been taken out. We saw the pound go against the dollar, up to a nine-month high, against the euro up to twenty-month highs. Now it's kind of come off a little bit, now waiting for tonight's vote but generally quite a positive reaction with the hope now that it's (Article 50) going to be extended for a minimum of three months. Further options now looking to ratifiy a deal or possibly even more extreme efforts such as another referendum or a general election."
5. Analyst sitting at desk looking at multiple screens
6. Various of screens showing currency index
7. Wide of office
8. SOUNDBITE (English) Michael Baker, Financial Analyst with ETX Capital:
"It (no-deal scenario) has been weighing on it now for the last two or three years. It would be a leap into the unknown to leave without any sort of trade agreements and the fear of what could happen on the border between Ireland and Northern Ireland, so it's been weighing on it quite heavily, so what's why you've seen quite a reaction last night, it was a two percent move up against the dollar when the actual no deal was announced, so you can just see that investors who drive the pound were happy with that scenario."
9. Various of office, analysts looking at screens
10. SOUNDBITE (English) Michael Baker, Financial Analyst with ETX Capital:
"They (investors) are looking for a deal, they're looking for a stability, they're looking for all of this to be put behind us now. It's been going on for a long time now, as you speak to a lot of guys, a lot of businesses, it's kind of wearing thin on them as well. They want an outcome, they want a deal put in place so we don't have this limbo because investment is drying up. It's been tough, it's been tough for them and they want the best outcome now."
11. Wide of office block
