British MPs could well make this a night to remember, as the Parliamentary vote on Theresa May’s Brexit deal takes place at 7pm tonight. Towards the end of Friday, sterling continued its fine form against the dollar by creeping above the $1.32 mark. This continued through Sunday, but it slipped a little yesterday. Fears of a no-deal Brexit have been receding over the past week or so, as Labour was reported to be in support of an amendment put forward by Yvette Cooper that is designed to prevent the UK leaving the EU in a disorderly fashion.
However, Jeremy Corbyn is yet to confirm that and there are now doubts surrounding whether Cooper’s amendment has the support of the opposition party. It is all so confusing. There have been reports this morning that Tory remainers and Brexiters have joined forces to propose a potential solution to the impasse that would involve extending the transition period by nine months. Many amendments have been tabled but it is up to the Speaker, John Bercow, to decide which amendments are considered.
Yesterday, we alluded to the fact that many banks have heightened their expectations concerning sterling’s performance throughout this year, but whether that proves to be the case is anybody’s guess. Let’s remember that these predictions are always subject to change, which is why companies like ours exist – we help you protect your budget against volatility by locking in a rate for up to twelve months. Speak to your Personal Trader on 020 7898 0541 to find out more about using a forward contract.