Home » Currency Note » Currency Note » Currency Note GBP » GBP: Pound holds steady as MPs expected to vote down no-deal

The second ‘meaningful’ vote yesterday resulted in Theresa May’s Brexit deal being rejected. MPs voted against by a majority of 149. This was less of a landslide than last time, but unfortunately for the PM, was large enough to send a clear message that her deal should be scrapped.

Today, MPs will vote on whether to exit the EU without a deal. They are expected to vote against a no-deal scenario. If they do, an extension to Article 50 could be on the cards. After a choppy and volatile day yesterday, this morning the pound is holding steady, helped by the prospect of an Article 50 extension.

Despite holding steady this morning, however, we can’t rule out the possibility of short term volatility for sterling. We also, at this stage, can’t completely rule out the possibility of a no-deal Brexit, which is likely to cause the pound to weaken considerably. The government is also preparing for this scenario, outlining a plan which states that most imports will be tariff free if we leave without a deal.

If MPs reject no-deal today, then there is likely to be another vote tomorrow on whether the government should ask the EU for an Article 50 extension.

Find out how we can help you

Let us know a little more about your upcoming currency exchange needs. We aim to take the uncertainty away by providing guidance on which services suit your individual requirements. You can then rest, assured your money is not at the mercy of the currency markets.

Secure and efficient transfers

Secure, quick and efficient transfers. Authorised by the FCA.

Protect against risk

Avoid losing money and protect against currencies moving against you.

Dedicated trader

Dedicated currency trader working with you to get the best value for your money.

Refer a friend or business

Recommend our services to your friends, family or colleagues and earn great rewards.