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Donald Trump Here are a selection key quotes, and some of the reaction to them. Trade deal "I'm a big fan of the UK, uh, we're gonna work very hard to get it done quickly and done properly - good for both sides." Foreign Secretary Boris Johnson says: "It's great to hear that from President-elect Donald Trump. Clearly it will have to be a deal that's very much in the interest of both sides, but I have no doubt that it will be." The Financial Times's Shawn Donnan argues that Mr Trump and Theresa May could be in for a "rude awakening", with any deal potentially taking years and some UK economic sectors, such as farming, questioning whether the terms of US-UK free trade would benefit them. Theresa May's spokeswoman says: "We welcome the commitment to have a deal quickly and it highlights one of the opportunities of leaving the EU. We welcome the enthusiasm and energy the president-elect is showing." Brexit Image copyright PA "Basically [the EU is] a vehicle for Germany. That's why I thought the UK was so smart in getting out and you were there and you guys wrote it put it on the front page: 'Trump said that Brexit is gonna happen'." The Guardian's Jonathan Freedland writes that Mr Trump gave "the Brexiteers just enough to keep them happy", adding that, when asked directly about a trade deal, Mr Gove was given a "non-answer: 'I think you're doing great!'" The Daily Telegraph says : "The comments in The Times newspaper will be a boost for Mrs May, who is preparing a major speech on Tuesday to set out her plans for Brexit." Nato Image copyright Reuters "It's obsolete because it wasn't taking care of terror." "And the other thing is the countries aren't

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paying their fair share so we're supposed to protect countries but a lot of these countries aren't paying what they're supposed to be paying, which I think is very unfair to the United States. With that being said, Nato is very important to me."

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Conservative MP Michael Fabricant tweets : "#Trump is NOT anti #Nato. However, like the #UK, he believes more countries like the #UK should pay their fair whack into Nato." German foreign minister Frank Walter Steinmeier says: "His comments have caused worry and concern even here in Brussels. I've just had a conversation with the Secretary-General of Nato, Jens Stoltenberg, who has expressed concern at the comments made by Donald Trump that Nato is obsolete. This is in contradiction with what the incoming American defence minister said in his hearing in Washington only some days ago and we have to see what will be the consequences for American policy." Nicholas Burns, professor of the practice of diplomacy and international relations at Harvard's Kennedy School of Government, tweets : "Europe is our largest trade partner, largest investor in our economy and strongest ally-NATO. And Trump just declared it obsolete?" Theresa May/UK visit Image copyright AFP "Well, I'll be there - we'll be there soon - I would say we'll be here for a little while but and it looks like she'll be here first.

The BIS report, which drew on detailed analysis by the Bank of England, says the conditions for such a move were created by the lack of sterling dealers in the market at the time of day. The trade took place in Asian markets, at a time of day when key sterling counter traders in London and other important Western markets are not operating. Vulnerable The BIS does not point to an actual event or piece of news for causing the crash, but reports at the time suggested a headline in the Financial Times quoting French president Francois Hollande pressing for a "hard Brexit", an outcome commonly thought to preclude a smooth transition, prompted some selling. The flurry of trading, whatever the cause, included automatic deals. Some of these were stop-loss orders - designed to simply sell a holding that has reached a price below which it will lose money for the investor - and algorithmic trades, which can be triggered by a host of factors, including, it is thought, certain types of news announcements. The BIS said: "The report concludes that the time of day played a significant role in making the sterling foreign exchange market more vulnerable to imbalances in order flow. Image copyright Reuters "Significant demand to sell sterling to hedge options positions and the execution of stop-loss orders as the currency depreciated also had an impact. The presence of staff with less expertise in the suitability of particular algorithms for the market conditions appears to have amplified the movement." When the sudden fall happened, one theory was that it was a mistake, a so-called "fat finger" trade. Others blamed the automated nature of the market.