The current disruption to the trade agreement between the European Union and Canada has raised a few questions as to what the likelihood of the UK’s Brexit negotiations being completed in 2 years might be. The region of Wallonia in Belgium which is home to 3.5 million people is currently preventing the 500 million population and 27 nations governments across the EU from finalising the agreement. The regions concern surrounds the power multi-nationals will have as investors and what mechanism is in place to resolve disputes.
There is evidence in the past of major companies being in a very strong position with governments as they bring huge investment and employment opportunities.
In my opinion because there is so many parties involved in the negotiation process it is likely the UK’s agreement could face similar challenges. There is already so much contention amongst the major leaders across the European Union over the major issues, when it comes to drilling down on the finer points the magnitude of the task in hand becomes obvious.
Morgan Stanley CEO James Gorman suggested nothing good will come from Brexit from a narrow financial sector perspective. Gorman said they will have to move their headquarters in Europe to accommodate for the changes. However, he also stated that he believes many of the jobs that will move from London will end up in New York and not Europe.
With there being so much uncertainty across the currency markets and the rates moving which major swings. It is important to be in constant contact with your account manager to make sure you’re in a position to trade at the right time. A Market movement of 1 cent when transferring £200,000 into Euros changes the number of Euros you’ll receive by €2000.
Brexit negotiations may become difficult for the UK and with Theresa May set to start the process by March 2017, Clients looking to buy foreign currency may wish to remove the uncertainty that lies ahead. Call our trading floor on 01494 725 353 if you wish to discuss a transfer.
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Very efficient service. I’ve never used a service like this before & was purchasing a house in France. It was all explained very well & I was kept informed all along the process. Putting a deposit down to pre-book the rate also saved us a fortune.