A Gloomy Deal or No Deal

11 January, 2019

Tamim Rahman

PM of Japan showing ‘Total support’ for the deal proposed by Theresa May and affirmed that it is the strong will of Japan to further develop their economic relationships with the UK and stated ‘we truly hope that a no-deal Brexit will be avoided, and in fact that is the whole wish of the whole world.’. The pledge made by both Mrs May and Mr.Abe to build on the trade agreement between Japan and the EU to secure an “ambitious bilateral arrangement” between Japan and the UK after Brexit is the only positive news to come through in the recent days.

The negotiated Brexit deal looks set to be rejected by MPs next Tuesday, with 110 Conservative MPs having said they will oppose it, Labour is set to vote against it and Labour Leader Jeremy Corbyn calling for a general election “at the earliest opportunity” – should it be voted down and urges the members across the house to vote with labour when the vote of no confidence is put into motion.

Along with this ‘Jaguar Land Rover’ announced the 4,500 jobs cuts that will be made and sited their concerns over the Brexit uncertainty furthermore ‘Ford’ announced plans of major operations shake-up in UK and EU leading to job losses across Europe including the UK, additionally ‘Honda’ announced to halt productions for a period of 6 days after Brexit and both ‘Mini’ and ‘Toyota’ having voiced their concerns regarding Brexit earlier have made contingency plans beforehand and to top it all off the BRC announcing ‘The worst Christmas for retailers in a decade’.

Things have been very gloomy indeed this past week and with the parliamentary ‘Meaningful Vote’ taking place next week things don’t look they will be getting any better in the coming days to come.

With all the current negativity around the Brexit and with exchange rates being so volatile, it is important as ever to stay one step ahead and keep in touch with your CI account manager, especially if you have a large overseas payment to make in the near future.