Investing.com - The pound fell on Wednesday morning following poor construction data and ahead of Boris Johnson’s speech to close this year’s Conservative Party Conference in Manchester.
Watch Live: Boris Johnson Conference Speech, Outlining Brexit Proposal
Johnson’s speech can be watched live in the video below this article.
The prime minister is reported to use his conference speech to outline his final Brexit proposal to the European Union. Johnson is expected to pitch the Brexit plan as a “fair and reasonable compromise” and the only way to avoid a disorderly Brexit on Oct. 31.
Key to keeping his Tory party faithful happy, Johnson is to propose getting rid of the contentious Irish backstop, a sticking point for most MPs who voted against Theresa May’s Brexit Withdrawal Agreement.
According to a report in The Telegraph on Tuesday evening, Johnson is expected to outline his Irish border solution. It is expected he will suggest that Northern Ireland remains aligned with the European Union for agriculture and industrial goods for a period of four years, to ease trade flows.
The proposal will also say that Northern Ireland will remain in the UK customs territory, meaning that there would be border checks both north and south of the border.
Despite crossing many of the European Union’s red lines, EU leaders may find themselves faced with choosing between a no deal and immediate hard border with the UK from 1 November - or a transitory period for the border, the divorce bill and protected citizens’ rights.
Ramping up the pressure on the EU, Johnson said in an interview with The Sun newspaper on Tuesday that there were just 10 days left to reach a deal.
At 10:30 GMT, GBP/USD was down 0.30% to 1.2264.
Data from the construction industry showed that the sector was further into contraction territory than expected. Construction PMI for September fell to 43.3, below the forecast 45.0. A reading below 50.0 indicates contraction.
Watch Boris Johnson’s speech live in the video link below: