UK PM spokesman says there remain big issues to be resolved with EU on Brexit

Comments by UK PM spokesman James Slack

• Says that Irish backstop proposal will be published in due course
• Does not have a precise date on when that will be
• Irish backstop will be 'temporary'
• There is a difference between optimistic talk of a deal and a deal being done
• Continuing to work towards a deal this autumn
• EU still needs to move its position in negotiations

Finally, a more realistic take on Brexit negotiations. Or at least somewhat. The fact that he identified that optimism of a deal being agreed upon and an actual deal being struck makes this commendable.

We're now awaiting for proposals to be made by the UK on the Irish backstop/border and until that comes, there isn't much to go on for the Brexit rhetoric. But should the UK fail to produce anything credible for European leaders to discuss in next week's summit, that should be a negative for the pound in the near-term.