The brother of Boris Johnson has resigned and is now the sixth minister to resign under Theresa May’s government owing to the course of the Brexit plans.
Jo Johnson has said that the UK will need to ‘pause and reflect’ before taking any final decisions over Brexit. He has also called for another referendum and had claimed that the current plan is not what has been promised previously.
This has caused the Pound against the Euro to fall from its recent six month highs as it puts further doubt in to the future of the plans.
Only earlier this week it appeared as though the discussions behind the scenes were going very well and this led the Pound to hit 1.15 against the Euro creating some excellent opportunities to buy Euros with Sterling especially if you’re in the process of buying a house in Europe.
Jo Johnson went on to suggest that the current proposals and a lack of a deal could leave the UK in ‘chaos’ which puts more doubt into the whole situation.
It was only recently that UK Brexit Secretary Dominic Raab claimed that a deal could be reached by 21st November and with Theresa claiming that a deal is 95% done this is why we reached the recent 6 month high to buy Euros.
However, the real sticking point continues to be that of the Irish backstop agreement and the lack of agreement between the UK and the European Union as to what will happen with the Irish border.
As far as I’m concerned this is the key issue stopping the talks from progressing and until we have some form of resolution on the Irish issue this could hinder the Pound from making any significant gains vs the Euro.
With Jo Johnson’s calls for another vote this has been attacked by Brexiteer Jacob Ress-Mogg as well as other members of the Tory party which is likely to cause division within the party.
Therefore, I think unless we see some positive news regarding Brexit over the next few days we could be in for a difficult week for Sterling against the Euro.
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