Today is the first day of the five day debate in Parliament. MPs will scrutinise the Prime Ministers Brexit plan and debate whether its in the best interest of the British people to vote in favour of the plan on the 11th December. For clients that are involved with GBPEUR currency exchanges in the short, medium or long term, now is the time to get in contact to discuss strategy, as the vote on the 11th could shape GBPEUR exchange rates for many months to come.
Presently, markets are forecasting that there is a great change that MPs will vote down the deal putting further pressure on sterling. There after all eyes will turn to the Prime minister and her next move. I’m confident she will try to renegotiate but her obsession with immigration and unwillingness to come to any compromise on free movement will be her down fall. Over the last 18 months she has made concessions in other areas such as the amount of money we will pay to leave the EU, the back stop agreement and much more, however her red lines in regards to immigration are going no where.
If the deal doesn’t go through, I find it difficult to predict her next move and therefore I expect this will be the end of the Prime Minister. The uncertainty this would create I expect would put extreme pressure on the pound and GBPEUR exchange rates would fall to multi year lows. The next five days of debating are crucial for the Prime Minister, will she manage to persuade MPs that this deal, is the best deal for the UK or are her days numbered?
If you are planning to make a currency transfer involving GBPEUR feel free to get in touch by either emailing me on firstname.lastname@example.org or by phoning 01494 787 478 and ask for Dayle Littlejohn. The currency company I work for, can offer rates that you will not be able to achieve with your own bank and at the same time I can provide market information which will help you make an informed decision of when to buy your currency. Getting in contant is free and I look forward to hearing from you.