Andrea Leadsom made headline news yesterday afternoon when she announced that the UK would not need to pay the £39bn unless a deal was secured with the EU as there would be ‘no legislative means.’ Now that we know that Theresa May is on the way out of No10 and a leadership contest is on the horizon could it be Andrea Leadsom that takes up the challenge and forces the EU to renegotiate if they want the pay-out. It’s an interesting statement by the potential next Prime Minister and I expect other Brexiteer MPs will have a similar stance.
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However, I don’t see this as good news for clients buying euros. A Brexiteer MP as Prime Minster I expect will put more pressure on the pound due to the uncertainty of crashing out of the EU without a deal. If you are concerned about exchange rates and need to make a transfer short to medium term I would recommend contacting your account manager sooner rather than later.
Thursday afternoon the European Central Bank (ECB) is set to release their latest interest rate decision and shortly after Mario Draghi, President of the ECB, will deliver his monetary policy statement. As always, the President will then answer questions from the audience.
As its extremely unlikely that the ECB will change interest rates, it will be the President’s speech that will have an impact on exchange rates. It will be interesting to see the thoughts of the President regarding the global trade war and how that’s impacting the European economy. To be kept up to date once developments unfold, feel free to register your interest by calling the trading floor.
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