Update: Sterling falls as Brexit talks reach second stage

Follows 'progress report' last week

Sterling has fallen this morning as Britain and EU officials agree they have reached the second phase of Brexit negotiations.

European Council president Donald Tusk confirmed the negotiations have reached the second stage on 15 December. This will cover issues such as trade, security and the terms of the transition period. But discussions on future economic co-operation are not expected to begin until March, according to BBC News. UK Prime Minister Theresa May said she wants both sides to approach the next phase of negotiations with "creativity and ambition". In reaction to the news, sterling fell 0.44% to trade at €1.135 against the euro and down 0.25% to trade at $1.339 against the US dollar.  On 8 D...