May loses another vote

10 January, 2019

Nakhil Mahra

Another day, another vote, becoming an all too familiar story for the PM, but probably what would be more concerning is that she has lost yet another vote. Yesterday saw some rebel Tory MPs team up with Labour and vote against the PM. The latest defeat means the government will have to come up with a plan B within 3 days of the vote next week. With the current deal expected to be voted down, the latest vote means other possibilities, such as a general election and/or a second referendum can still not be completely ruled out. Before the vote on Tuesday we still have 3 days of debating, with further setbacks a real possibility. The rate dropped half a cent on the back of the result, the gains made over the weekend now being completely wiped out, another example of how volatile the markets are in the current climate. In monetary terms, £100,000 now getting you 1000 Euros less compered to Monday morning.

On a day where there was no data from the UK or Europe, most stats where coming from across the pond. First up Canada, kept their interest rates at 1.75%, no change from previous meeting. However Poloz, believes the interest rates will be higher in the future and that the Canadian economy is on ‘solid footing’ for any CAD buyers, the prospect of a rate hike could be your CAD being more expensive so why not speak to your account manager now and get something organised if you need to send money to Canada.

Today again there is no major eco data out, all focus will again be on the ongoing Brexit debates, anyone needing to sell GBP will surely want to keep an eye on this so you’re not left out of pocket should we see a day like yesterday.


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