After 12 months since the UK voted out of the EU, Brexit negotiations began yesterday morning and reports are suggesting after day one the European Union have the upper hand.
Over the last 3 months EU officials have made it clear that the divorce settlement needs to be sorted before trade negotiations begin, however Brexit secretary for the UK David Davis stated that trade negotiations will run side by side the divorce settlement talks.
However after one day of negotiating David Davis has backed down and agreed to the EU timetable and that trade negotiation talks will not begin until the divorce settlement is sorted. Before talks begun I was worried that David Davis would not budge and talks could stall early however after one day he has agreed to EU terms, therefore when it comes to a divorce settlement I believe a deal will be reached which could help the pounds value.
In other news the pound has plummeted 0.5% against the euro this morning due to Governor of the Bank of England Mark Carney. The Governor has confirmed that the Bank of England are not in the position to raise interest rates at present, even though it was only last Thursday that three of members of the monetary policy committee voted in favour of raising interest rates.
For further information in regards to GBPEUR exchange rates feel free to email me with the reason for the transfer (company goods, property purchase) and timescales you are working to and I will respond with the options available to you and the process of using the company I work for email@example.com. Alternatively if you would like to discuss your requirements over the phone call 01494-787478 and ask to be put through to Dayle Littlejohn.
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