According to the latest reports, Theresa May’s plan to have another meaningful vote this week appears to have been rejected by the Speaker of the House, John Bercow. This is unless there is a demonstrable difference compared to May’s previous attempts.
The Prime Minister will need to come up with a difference for the vote to take place. However, with the EU highly unlikely to change any terms in the near future, I think we won’t see any meaningful vote take place this week.
Clearly, more debating needs to take place on the topic of Brexit. But, with just ten days to go before the UK is due to leave the European Union, the most likely outcome is to see an extension to Article 50.
One possible hurdle is that, if Theresa May does ask the European Union for an extension, then this will need to be approved by all 27 members. So if one leader decides to go against the request, this could still move us towards a ‘no deal’ Brexit. However, as far as I’m concerned, I think this is simply a formality.
Should I buy Euros now or wait?
With the outlook still not clear, the Pound is hovering just under 1.17 on the interbank level. I think once we get a clearer picture, then this could provide the Pound with some support against the Euro. This could create some good opportunities for anyone looking to send money to Europe for a property purchase.
Some reports are that the UK may even request a 2-year extension to the deal. Although this may frustrate a large number of the voting public, this could provide the Pound with a positive boost. This is because it means that trade will have a clearer future, at least for the time being. This is the reason why I think we’ll see the Pound gaining vs the Euro over the next few weeks.
If you have a currency transfer to make, and would like to save money on exchange rates compared to using your own bank, then contact me directly for a free quote. I look forward to hearing from you.
Tom Holian firstname.lastname@example.org