Brexit latest: Third time lucky or not?

The Pound has lost more than 0.5% against the euro since the start of trading today as Theresa May’s hope of a breakthrough appear to be fading away.

Will Theresa May get the support she needs for her Brexit deal?

The Prime Minister has been battling with the DUP as she struggles to win over votes to support her Brexit deal in Parliament. If Theresa May can gain the support of the DUP then it is expected that the European Research Group led by Jacob Reese-Mogg will also support the deal.

The DUP have highlighted key areas that need to change for their approval. Firstly, there must be no divergence in GB/NI regulation. The DUP want the withdrawal agreement to reflect this. Secondly, the DUP is insisting on a seat at the table when UK/EU trade talks commence. Lastly, despite the DUP insisting this is not about money, it seems likely that the DUP would request for more funds for Northern Ireland.

However, the Speaker of the House, John Bercow has now warned the Prime Minister that he will block any attempt to schedule a third meaningful vote unless significant changes are made to the motion. The Government must demonstrate that any new motion is different to those that have passed previously. The second meaningful vote was passed on the basis that substantial changes had been made to the first motion but that can’t be said this time round.

What does this mean for pound to euro exchange rates?

The pound has slipped from its 22 month high against the euro as doubts about the third meaningful vote grow and pressure mounts on the UK Government. With another volatile week looming, should you have any questions about any forthcoming euro transfers, please feel free to get in touch. You can email me directly here.