• About Us
  • Authors
  • Currency Charts
  • Live Exchange Rates
  • Contact Us

Exchange Rate Forecast

Exchange rate forecasts and foreign currency news

  • British Sterling
  • Euro
  • US Dollar
  • Australian Dollar
  • Canadian Dollar
  • Brexit News
You are here: Home / British Sterling / Brexit update: Preparing for a hard Brexit (opinion)

Brexit update: Preparing for a hard Brexit (opinion)

October 11, 2016 by Rob Lloyd

Brexit update:  Preparing for a hard Brexit (opinion)

uk-flag-paper-boatThe three Brexiteer’s and Theresa May are preparing the UK for a hard Brexit, and the signs couldn’t be more obvious. David Davis – The Secretary of State for leaving the EU, has made it clear that MP’s will not have a vote on the terms of Brexit.

Philip Hammond, perhaps the more pro-EU of the team has been warned by backbench Eurosceptics to support the Brexit stance or face losing his job.

And Boris Johnson has been rather quiet in recent weeks, perhaps he’s having doubts about the promises made during the Leave campaign. Or perhaps he’s realised that exiting the EU is going to be a tough, tough time which if executed poorly, could cost him dearly.

The people voted to leave the EU and Theresa May is certain she can speak on behalf of the 52% that did, but the reality is far more complex than a simple yes or no vote and could cost the UK billions.

The latest headline this morning focuses around George Osborne’s findings during the Referendum, stating that leaving the EU entirely could cost the UK 9.5% GDP, or £66bn to be precise. Yet David Davis is certain that the UK will thrive outside of the single market, and has promised trade deals with other nations to fill the financial gap left behind.

But bridging the gaps will take time, trade agreements take time and the UK does not have the luxury of time on its hands.

From what we’ve seen so far, the Eurosceptics will get their lifelong wish to leave the EU at the expense of the economy and as it stands, no one will have a say on the terms. The vote to leave the EU was entirely democratic but the terms of the vote are being dictated to by a Government the people never voted for.

Where does this leave the Pound? There is nothing certain about the future of the UK and the value of Sterling reflects this. Unless a miracle takes place before Article 50, Pound to Euro parity is looking more prominent.

Filed Under: British Sterling Tagged With: Article 50, Brexit, Pound Sterling weakness, Theresa May

The information on this website is provided for information purposes only. It does not constitute advice to any person on any matter. Every reasonable effort is made to ensure that the information is accurate and complete but we assume no responsibility for and offer no warranty with regard to the same.

About Rob Lloyd

Robert brings with him a wealth of knowledge on what is impacting exchange rates, especially around the subject of the EU Referendum and the implications for Sterling and Euro exchange rates.

Recent Posts

  • Sterling finds support but unlikely to make any significant impact in the coming days May 9, 2018
  • US Dollar hits 5 month high against Sterling May 2, 2018
  • Sterling exchange rates at the mercy of political developments May 1, 2018
  • Pound weakens as political uncertainty once again raises its head May 1, 2018
  • Will Mario Draghi’s speech impact GBP/EUR? April 26, 2018

Live Exchange Rates

Archives




Copyright © 2021 — Currency.co.uk • All rights reserved. • Exchange Rate Forecasts • Privacy Policy •

We use cookies to ensure that we give you the best experience on our website. By using this site you agree to receiving cookies.I agreeRead Privacy Policy