It’s official: the UK is no longer a member of the European Union. However, as so many commentators have underlined over the last few days, nothing much has changed in practical terms. The transition period extends for another eleven months and EU rules and rights continue to apply.
However, it’s important not to be lulled into a false sense of security, whatever your opinions on Brexit. Trade negotiations are yet to come – Boris Johnson is setting out his vision for a Canada-style agreement today – and the deadline is tight. The pound reached its highest level since the election at the end of last week, but there will be plenty of movement over the next year.
You can see in our quarterly forecasts how large the spread is between the major banks’ predictions for the next year.
Many of our clients are buying property in Europe, and if that’s you, then currency is the biggest risk factor you’re contending with. As our partner Property Guides’ infographic shows, you can still buy your home in the EU – move this year and you will also keep your EU rights post-Brexit. We fully expect moving after the transition period to just be a case of a bit more paperwork, as it is now for third-country nationals like Australians and Americans. The risk factor, then, isn’t that: it’s the currency markets. But by planning ahead, such as by locking in today’s exchange rate with a forward contract, you can easily control that risk.
So don’t put your plans on hold; call your Personal Trader on 020 8108 5337 to discuss the right strategy for your transfers.
