The pound is on a charge

David DavisJack Taylor / StringerBrexit minister David Davis

The pound is charging on Thursday after David Davis, the Brexit minister told the House of Commons that Britain
would consider making payments to the European Union post-Brexit in order to retain access to the single market.

Asked by a fellow MP if the government would think about the move in any shape or form for access to the EU’s single market, Davis said:

“The major criterion here is that we get the best possible access for goods and services to the European market and if that is included in what he’s talking about then of course we would consider it.”

This news seemed to reassure sterling investors, and the pound — which had been treading water earlier in the day — leaped, climbing by more than 1% against the dollar.

Around 11.30 a.m. GMT (6.30 a.m. ET) sterling has climbed above $1.26 for the first time since November 11, just after Donald Trump won the US presidential election. Here’s the chart:

NOW WATCH: Here’s everything we know about former Goldman Sachs banker Steve Mnuchin – Trump’s pick for Treasury Secretary

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.