Home » Currency Note » Currency Note » Currency Note GBP » GBP: will there by an article 50 extension soon?

There are increased calls for an article 50 extension which would delay Brexit, albeit temporarily. With only 63 days until the UK is scheduled to leave the EU, Parliament is still undecided on what type of deal to try and agree with the EU. The Parliamentary vote will take place next Tuesday, which could well give us some clarification but amidst all this noise it is easy to forget these facts:

  • A deal has already been agreed between the UK and EU
  • That deal was negotiated without the government consulting Parliament
  • Parliament subsequently voted against it by a huge majority
  • Any Parliamentary vote now has to be accepted by the government
  • If/when accepted by the government, there is no guarantee the EU will accept it

We repeat: there are 63 days left until Brexit and there will only be 59 days left when Parliament votes on the bill/any amendments to the bill. Theresa May seems determined to win support for plan B (which is virtually the same as the already roundly rejected plan A). Her best hope of achieving this is by presenting MPs with the choice of her deal or no deal. By extending article 50, MPs will have the choice of voting against plan B without fear of crashing out of the EU without a deal.

There were no economic data releases from the UK yesterday, but today we will see the CBI distributive trades for January, as well as UK finance mortgage approvals for December. The former is expected to have done an about-turn, from -13 to +3. Let’s hope that proves to be somewhere near the mark.

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.

You have Successfully Subscribed!