The Pound has come under pressure over the past two trading days after the Prime Minister of the UK, Theresa May offered us an insight into her plans during an interview which hasn’t been welcomed by Sterling bulls.
The Pound has been falling after May suggested that the UK government will prioritise immigration controls as opposed to focusing on retaining access to the single market. May also mentioned that we cannot keep ‘bits’ of EU membership. Overall the general consensus is that May’s preference is for a ‘Hard Brexit’ and the Pounds poor fortunes this week can be put down to her comments during that interview.
The Pound is also currently under pressure as we await the outcome of the Supreme Courts decision regarding whether or not the UK government requires parliamentary approval before invoking Article 50.
If the government is successful in their appeal, and therefore the likelihood is that the Brexit process will begin at the end of March this year, I’m expecting to see the Pound fall even further.
Feel free to get in touch if you wish to be kept updated regarding the Supreme Court ruling.
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