Pound to Euro exchange rates: Could we be headed for a no deal Brexit?

Pound to Euro exchange rates: Could we be headed for a no deal Brexit?

With only a few days before the House of Commons look to hold the next vote on Brexit it appears as though the deal is highly unlikely to be approved.

A recent vote that took place earlier this week confirmed that Theresa May would only be granted three days instead of twenty one days in order to come up with a plan B if this particular vote gets denied. This is clearly not enough time and if Theresa May does not have anything more suitable this could result in a number of different options.

Where next for British politics?

A general election may be called which is surely due to cause more negativity for the Pound to Euro exchange rate as this would mean weeks of uncertainty for the economy. Labour leader Jeremy Corbyn has called for a general election and he appears to be getting things in place in order to try his best to make this happen.

The DUP, which the Tories rely on to form a majority Government have confirmed that they will back any challenge against Theresa May and it would be very surprising to see many Tories rebel as this would put more pressure on a general election to be called.

The other options could be that another referendum is held with certain criteria to be asked but I cannot see a no-deal Brexit coming.

It is clear that the media have been highlighting the problems of a no deal Brexit and this means that the UK will do everything in its power to avoid this from happening.

With so much uncertainty in the next few weeks I cannot see the Pound making any real gains against the Euro so if you’re in the process of moving money to Europe then it may be worth getting this organised in the short term.

As we have clearly seen since June 2016 when the Brexit vote first took place and the subsequent triggering of Article 50 in Spring 2017, the Pound has remained under constant pressure since then and with just a few weeks left before the UK is due to officially leave the European Union there is a lot still that could happen to Pound to Euro exchange rates.

If you would like a free quote when buying or selling Euros and would like to save money on exchange rates then contact me directly and I look forward to hearing from you. Having worked in the foreign exchange industry since 2003 I am confident of being able to save you money compared to using your bank as well as keeping you updated with market movements.