Home » Currency Note » Currency Note » Currency Note GBP » GBP: Theresa May to try and renegotiate the Irish backstop

Last night, the government-backed amendment, tabled by the senior Conservative Graham Brady, was narrowly passed in the Commons. Ultimately, this means that Theresa May now has two weeks to renegotiate the Irish backstop issue with Brussels. However, EU leaders have said that the Irish backstop is a fundamental part of the withdrawal agreement that has already been negotiated and that no renegotiation of that is possible. We could be in for a bumpy few days.

There were no economic data releases from the UK yesterday, but sterling had performed relatively well throughout the day. Following the results of the vote, the pound promptly fell against the dollar as investors became a little nervy about the prospects of a no-deal Brexit. It is clear that of all the possible outcomes, this is the one least preferred by the City.

In addition to continued reaction to last night’s events, today we will see mortgage lending and approvals readings for December. We will also see the Bank of England’s consumer credit figures for last month. Tomorrow, the Gfk consumer confidence reading for January is on the schedule, as well as the latest Nationwide housing prices figures.

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.

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.

Secure and efficient transfers

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

  • We handle your data with care and only ever as outlined in our Privacy Policy.

Keep up to date

Get regular, jargon-free currency market updates delivered directly to your inbox.

  • We handle your data with care and only ever as outlined in our Privacy Policy.

Refer a friend or business

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