Britain's Foreign Secretary Philip Hammond has said its likely there will be a vote to leave the European Union unless substantial permanent reforms are agreed to.
Hammond was speaking with the UK Telegraph
" ... the package will have to be a robust, substantial and irreversible package of change with proper binding legal force. Because if we try to put to the British people a package which is anything less, we will get a raspberry from them"
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The referendum on whether the UK should remain a member of the European Union is planned before the end of 2017. October 2016 is said to be a likely date.
A positive for GBP, or negative? Traders are tossing the issue around, and they'll have to be quick before the potential impact on the pound becomes an overwhelmingly political issue and the debate becomes tedious and boring, as politics does.