UK General Election and the impact for the Pound (Tom Holian)

The currency market has been eagerly waiting for today’s general election and by this time tomorrow we should hopefully know who will be running the country.

However, there is a chance of a hung parliament and if this happens we could see problems ahead for the Pound as this is likely to be dragged out for a while.

This outcome at the moment is unlikely but as we saw with last year’s Brexit vote and the Trump victory we know that opinion polls can be very wrong so it is important to be prepared for any eventuality when it comes to exchange rates.

Therefore, we are likely to see a lot of volatility over the next 24 hours so feel free to call me directly for a quick response on 01494-787478 and ask for Tom Holian when calling.

I personally expect to see the Conservatives win but by how much will cause the movement for Sterling exchange rates over the next 24 hours. If Labour wins then this could cause a fall in the value of Sterling as a change in government brings with it a change in policy and this often leads to a weakening of the currency involved.

I have been working in the foreign exchange markets since 2003 and have seen the impact of a number of different elections as well as referendums during this time and I know how much movement we can see in a very short period of time.

If you’re concerned about what may happen to exchange rates and need to make a payment over the next few weeks it may be worth looking at buying a forward contract which allows you to fix an exchange rate for a future date for a small deposit.

If you would like further information or a free quote when buying or selling currency and would like to save money compared to using your own bank then contact me directly for a free quote and I look forward to hearing from you.

Tom Holian [email protected]