Yesterday afternoon the clash between Corbyn and May took the usual drama around Brexit with Corbyn suggesting May steps asides and May suggesting Corbyn makes a plan. However the Labour leader appeared to be ruffled for a moment as he appeared to mutter “stupid woman” following a pantomime moment of “look behind you” from Theresa May. Jeremy Corbyn yesterday late afternoon denied the allegations, however those who have seen it may not be convinced.
Sajid Javid laid out the new immigration plans that will be implemented once the UK leaves the EU. The new rules will focus on skilled workers having easy access to the UK whilst trying to limit net immigration. The UK with either outcome of a deal or no deal will take back control of the border so the announcement today is expected to come into place fully by 2021, allowing considerable time for implementation.
Sterling yesterday fell back close to the recent lows as in my opinion markets begin to price in the reality of a no deal Brexit.
Jeremy Corbyn is unlikely to be able to win a vote of no confidence across the whole Government as many Conservatives despite voting against Theresa May for the leadership last week, would make sure she remains in charge of the Country.
The potential of a no deal Brexit is progressively becoming clearer with no negotiations coming from the EU and MPs rejecting the deal the Prime Minister has offered so far. There doesn’t at the moment look like there is going to be much improvement from the current stalemate with no resolve at least until January as MPs break up for Christmas.
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The Bank of England will tomorrow deliver their latest interest rate decision and is expected to keep rates on hold at 0.75%. There isn't expected to be any major changes, however the comments from Governor Mark Carney after the announcement are infamous for causing volatility.
The central bank recently shared their thoughts on the outcome of a no deal Brexit and it would not surprise me if Carney reiterated that again, it’s not going to be good for the economy. Today I wouldn’t be shocked if the GBP/EUR rate tested the 1.10 barrier whilst Mark Carney was speaking.
This would present multi month lows and a great time for those selling Euros to do so, therefore make sure you’re in touch with your account manager to know your best options.
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