History in the making
29 January, 2020
In a historic vote later today, the European Parliament will debate and give their backing to the UK-EU treaty; Tuesday seeing the last attendance of a UK minister when Chris Pincher was in attendance at the General Affairs Council.
This final hurdle is actually, strangely enough, more of a show of sorts as the outcome is beyond any doubt with the withdrawal agreement signed off last week, by key parliamentary committees. The 751 representatives in attendance today for the “event” will experience valedictory speeches and even music! It would seem the meeting is more of a chance for everyone to say a fond (or not so fond) farewell and lament or celebrate the end of forty-seven years worth of the UK’s bind to the EU. It is worth pointing out that the October agreement offers guarantees over the rights of EU nationals living in the UK and British ex-pats living on the continent.
Those due to speak amongst many are Guy Verhofstadt and Nigel Farage – UK MEPs due to leave their jobs will be serenaded off by their former colleagues. The ceremonial vote will take place at 17:00 GMT. The UK will endure an eleven-month transitional period before being cut loose at the end of this year.
Back to the ecostats and house prices in the UK have climbed better than expected for both the monthly and yearly figures. Due to the leaving party, there is nothing from the UK or Europe but a few tidbits from the US, the most important of which is the federal interest rate decision after trading hours at 19:00 UK time.
Tomorrow, however, is an important one with a hugely important dataset including the bank of England quarterly inflation report, asset purchase facility, monetary policy summary, minutes, MPC vote, interest rate decision and Governor Carney’s speech. Should there be any change in the number of members voting for a lowering of the interest rate, which is looking more likely, expect volatility and a potential drop off in the strength of the pound and the number of euros you will get for your money. Do stay in touch with your dedicated, specialist currency consultant and stay one step ahead of the markets.
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