Home » Currency Note » Currency Note » Currency Note GBP » GBP: May delivers Brexit statement to unsupportive Commons

Theresa May delivered a Brexit statement to the House of Commons yesterday but the response from MPs was notably underwhelming. The Prime Minister is cutting an increasingly isolated figure at present and it is difficult not to sympathise with her. May campaigned to remain in the EU and while she is forced to extol the virtues of a Brexit plan that is almost certainly not going to pass through parliament, David Cameron continues to write his memoirs in his garden shed.

The pound started the day on a high before falling back as the markets became increasingly aware of how much more there is left to be done in the Brexit negotiations. Not only is the EU a factor, but our own MPs can’t agree on the best route forward. There are so many hurdles to overcome and we only have five months to overcome them.

It’s a hectic day on the economic data schedule, with the claimant count change for September due for release, as well as the unemployment and average earnings figures for August. We should get more of an idea of how the finances of UK households have been in recent times. It will be hoped that the gap between wage growth and inflation has narrowed, which is what economists are predicting at present.

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