Leading Eurosceptics to push for hard-Brexit, report says

The main Conservative Eurosceptics will push for a so-called 'hard-Brexit', including exiting the European single market and putting an end to free movement.

A new campaign called 'Leave means Leave' may push Theresa May towards adopting a 'no-compromise' approach to negotiations with the rest of the European Union, according to The Guardian on Sunday.

Leading Tory MPs made up the political advisory board, including some of those who had been excluded by May from government, such as former justice minister Dominic Raab, former environment secretary Owen Paterson, former defence minister Sir Gerald Howarth and well-known Euroscpetic Peter Bone.

The report came amid others apparently purporting to indicate what the initial positions of each side in the Brexit negotiations might be.

On 16 September, a report in The Daily Telegraph citing five senior unnamed EU officials who said the UK faced such a "bureaucratic nightmare” that it might finally balk at going through with Brexit was seen by some as the trigger for a late-session burst of selling in the pound, which contributed to sending it 1.4% lower for the week.

Cable dropped 1.79% to 1.3002 in that session, having already dropped sharply following data showing a larger-than-expected rise in US consumer prices during the month of August.

In parallel, on the same day Bloomberg News referenced reports according to which people familiar with the Chancellor´s thinking had said he might be willing to ditch access to the European Union´s single market.

For some observers, a further depreciation in the pound was still possible depending on just how difficult the negotiations with the EU turned out to be, with additional stimulus from the Bank of England meant to shield the economy seen as one potential channel for such weakness.