What will happen next with the Brexit and the impact for Pound Euro exchange rates

With the Brexit negotiations  having been extended until the end of October I am now seriously getting to the stage where I don’t think that parliament will actually to able to deliver Brexit.

Since December we have gradually seen the Pound improving against the Euro and there have been a lot of rejections to the various Brexit deals that have been in front of MPs.

With the 29th March deadline now having passed with the UK extending Article 50 I think the longer this drags out the less likely that Brexit will actually happen.

The European Union clearly does not want the UK to leave the bloc as it could potentially mean that other countries may look to do the same, which could lead to the end of the European Union in the future.

This is why I think the EU is not prepared to negotiate much further as to what is has previously offered.

The House of Commons have not come up with much of an alternative to the current offerings and Theresa May’s attempt to get Labour to help with the talks I think are a waste of time.

Clearly the personalties of May and Corbyn are unlikely to agree on much so I cannot see the benefits of trying to cobble something together.

In the short term I think the Pound will continue to come under pressure against the Euro until we get further in to the year so if you’re hoping to see much of an improvement in Sterling’s favour then you might be waiting for some time.

Therefore, the chance of the Pound recovering may rely on the Euro coming under pressure in the months ahead.

We certainly have a tricky period ahead for the single currency with the Spanish general election due to take place next month. Political uncertainty will often weaken the currency involved so of you have a currency transfer to make then pay close attention to the Spanish election coming up soon.

If you would like to save money on exchange rates compared to using your own bank then contact me directly for a free quote and I look forward to hearing form you.

Tom Holian [email protected]