UK Prime Minister Boris Johnson has been back in the spotlight this week, as he has made it clear to the EU that the Irish Backstop needs to be scrapped if the EU want a deal with the UK. Yesterday the PM met German Chancellor Angela Merkel and the Chancellor has told Boris to come up with an alternative in the next 30 days and she would be prepared to listen. The only problem is that the UK has had 2 years to come up with an alternative and have failed.
Today Mr Johnson will be meeting French President Emmanual Macron in Paris to discuss the ongoing Brexit saga. Reports are suggesting that the French President will not be as accommodating as his German friend and will tell Boris that the Irish backstop is not up for negotiation. It could be a challenging 24 hours for the President.
For clients that are buying euros short term, there has been a spike in the market over the last 2 weeks. Mid market exchange rates have improved by just under 3 cents, which is good news for euro buyers, however the improvements could be short lived as MPs are set to return to the House of Commons in less than 2 weeks.
When MPs return, the leader of the opposition is set to file a motion of confidence against Boris Johnson and reports are suggesting that some rebel remain Tory MPs could back the leader of the opposition. If this was to materialise this would put major pressure on an already fragile Government and could force a General Election.
If you are converting pounds into euros or euros into pounds in the upcoming months, feel free to email me with the reason for your transfer (company goods, property purchase) and the timescales you working to and I will respond with the options available to you firstname.lastname@example.org. Alternatively if you would like to discuss your requirements over the phone call 01494-787478 and ask to be put through to Dayle Littlejohn.
** If you are already using a brokerage and would like to compare exchange rates, feel free to send me the exact figures and I will reply with our live prices. This will take you a few minutes. **