The pound has been weighed down recently by a resurgent USA dollar, weakness in the economy and fears that Prime Minister Theresa May will run out of time to agree a deal with the European Union for life after Britain leaves the bloc next year.
British Prime Minister Theresa May said on Monday she wanted a future customs relationship with the European Union in place by the end of 2020 so that a backstop arrangement for the border between the north and south of Ireland would not be required. "With less than nine months go to until Brexit day, we are little closer to the answers businesses need than we were the day after the referendum".
Britain's Secretary of State for Environment, Food and Rural Affairs Michael Gove talks about the planned cabinet meeting, at the Prime Minister's official country residence Chequers later this week, on the BBC radio Today programme in London, Britain, July 4, 2018.
Responding to Mr Rees-Mogg's comments that Mrs May must stick to the mantra "no deal is better than a bad deal", Labour MP Virendra Sharma MP, a champion of the anti-Brexit Best for Britain campaign group, said no deal would "decimate our public services and see household incomes plunge".
According to BBC news, the United Kingdom officials are said to have come up with a new proposal on post-Brexit customs model ahead of the Cabinet talks.
Ahead of Friday's summit, finance minister Philip Hammond called for business concerns to be taken seriously. Health secretary Jeremy Hunt responded by calling Airbus's warning "completely inappropriate", while Boris Johnson, the Brexit-supporting foreign secretary, was cited in the United Kingdom media as saying "f*** business".
Cabinet tensions are high ahead of the Chequers gathering, with the potential for Brexiteer ministers such as Mr Johnson to quit unless they get their way.
A Cabinet source said: "In the speculation "will there be fudge, won't there be fudge" - I suspect there will be".
Mark Rutte has urged his British counterpart Theresa May to provide more clarity on Brexit with less than nine months to go until the United Kingdom leaves the European Union.
Peston also said May's proposal would include IT and camera technology to help reduce bureaucracy around the border, as well as British alignment with European Union standards for goods and agricultural products.
"We are now looking forward to the White Paper from the United Kingdom, and we very much hope that it will bring the necessary clarity, realism, and impetus to these negotiations", Tusk told MEPs.