The UK needs to leave the EU quickly and cleanly
26 April, 2019
Jeremy Hunt, Britain’s foreign secretary reiterated yesterday that the UK simply needs to get on with it and needs to leave the EU quickly and cleanly. This seems to be the consensus across the board; we need to have some clarity soon so we can plan for the future accordingly. Businesses and individuals are limiting their investments whilst we are in Brexit limbo which is not good for the UK economy in the long run.
We have no exact time when the Brexit deal will be bought back to Parliament but it is widely hoped we can get it done before the new European Parliament comes in in July and if possible even before 22nd May so the UK does not have to take part in the elections.
The GBP continues to be plagued by Brexit uncertainties and the lack of positive news is giving no cause for a boost to the GBP so the markets have been relatively stagnant this week. Unrest within the Conservative Party is not helping the markets. GBP/USD hits a 2 month low amidst Brexit uncertainty and a stronger USD after recent US data beat expectations.
In other news, Mark Carney, the currency governor for the Bank of England will step down on 31st January 2020 so the government is recruiting to replace him. We wait for more news on Brexit to understand which way the GBP will now move but that’s not to say anyone should be waiting to secure a rate. It doesn’t look like we have any positive news to follow to indicate a surge. Political headlines remain a key risk to the GBP in the short-term and it, therefore, seems likely the GBP will remain under continued pressure.
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