Members of the cross party Brexit committee yesterday released a report making their concerns heard that if there is no deal agreed between the EU and the UK, it should be known what the different deals could mean. Currently there isn’t any available information into what the potential outcome of different scenarios could ensue and what consequences may follow. The committee which was heavily criticised for being “unduly gloomy” also emphasized that there should be a vote in Parliament by MP’s before a no deal outcome can be taken.
The Chancellor of the Exchequer has been in India from the start of the week leading a post-Brexit trade mission. Hammond has been leading a large envoy of business leaders including Bank of England Governor Mark Carney. Now that the UK has triggered Article 50 the opportunity is being taken to start forming new partnerships which can be formally signed once the split with the EU takes place.
The UK which is the world’s largest exporter of financial services is according to Philip Hammond, the perfect partner to help India continue with its rapid growth seen over the last decade. There is no doubt that over the next year the UK will be visiting most of the world looking to negotiate new trade deals.
On Friday the Manufacturing production data will be released for February and is expected to show an improvement to 0.2% form -0.4% in January. Yesterday Sterling lost some of its recent gains due to slightly below expectation Construction PMI data. However if the Manufacturing data comes in better than expected then Friday could present a good selling window for Sterling.
If you do have a requirement make sure you’re in contact with your broker on 01494 725 353 as all news around the Brexit is causing major volatility. Alternatively you can email me here if you have any questions about this report.
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