Home » Currency Note » Currency Note » Currency Note GBP » GBP: Pound remains volatile as MPs reject no-deal

Yesterday evening, MP’s rejected a no-deal Brexit in two separate votes. The second of these votes was won by just 4, accepting an amendment to take no-deal off the table at any point.  Although the tight margin was perhaps a surprise, the outcome was widely expected and now prompts the next vote in the series, which will determine whether the government should ask the EU for an extension of Article 50.

The pound strengthened as a result of the rejection to no-deal, reaching highs not seen since June last year. However, this was short lived, and ongoing uncertainty caused it to recoil again.

It’s worth remembering that it is still an extremely volatile time for sterling, especially as yesterday’s votes are not legally binding. The Prime Minister will attempt, at some point, to get her deal through Parliament for a third time, using the prospect of a long delay to Brexit as leverage.

Phillip Hammond gave his Spring Statement yesterday revealing growth and borrowing forecasts, as well as money for affordable housing, period poverty and knife crime prevention.

It has been met with a mixed reaction. Climate change activists have welcomed the pledge to ban fossil fuels from new homes by 2025, whilst journalists, groups and MPs such as Heidi Allen criticised the Chancellor for not doing enough to help the most vulnerable in society.

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