UK and US have reached a "heads of terms" trade agreement – Sky News

Citing confirmation from a British government source, Sky News reported on Thursday that the UK and the US have reached a "heads of terms" agreement and a "substantive" step towards a full trade deal.

"I think it is politically helpful for Keir Starmer to have got the heads of terms, the kind of main points of a US-UK trade deal, nailed down before we see what we have negotiated with the EU - or, more importantly, Donald Trump sees what we have negotiated with the EU,” Sky News Deputy Political Editor, Sam Coates, said.

Market reaction

The Pound Sterling shrugs off the encouraging trade headlines ahead of the Bank of England (BoE) policy decision. At the press time, GBP/USD is losing 14% on the day to trade near 1.3275.