Pound jumps after May says UK is getting 'closer' to a Brexit-transition deal

The pound jumped by half a percentage point against the dollar on Monday afternoon after the Prime Minister said officials were getting closer to securing a Brexit-transition deal with the European Union.

At last count, Sterling was at $1.3860 after May told parliament that "We are close to an agreement on the terms of a time-limited implementation period to give governments, businesses and citizens on both sides time to prepare for our new relationship."

Theresa May specified that there were three issues remaining: an implementation agreement (supposedly done in March), the withdrawal agreement (to be completed by October) and a future trading arrangement.

She also clarified that there would be no second referendum, "There will be no second referendum. We’re going to deliver for the British people and we’re going to make a success of it."

In a speech at Mansion House, on Friday, the PM said that both sides needed to come to terms with the fact that "neither side can have exactly what we want,"; however, she remained confident that both sides would inevitably see 'eye-to-eye'.

May also said both sides would need to make "binding commitments" in order for the deal granting access to each other's markets to be fair for both Westminster and Brussels alike.