Brexit Vote: What Could this Mean for the Pound?

As we progress into 2019, Brexit is back in the news. Now that UK Parliament has re-opened after Christmas break, we await the “meaningful vote” which is now scheduled to take place on the 15th of January.

The leaders of the other 27 EU countries have signed off Theresa May’s withdrawal agreement but there is speculation that it will not get the backing of the UK Parliament when they come to vote on this crucial deal.

If the UK parliament votes against the withdrawal agreement, there is a possibility that the UK will leave the EU on the 29th of March without a deal.

Last year, the pound was negatively affected by ongoing concerns of a disorderly Brexit, and businesses should continue to prepare for all possible outcomes.

In the event of May’s agreement being rejected in the Parliamentary vote on the 15 January, it is likely that volatility will continue. Our Brexit Barometer has been developed by our currency experts and looks at the potential impact this could have on the pound in relation to the uncertainty regarding how the UK will leave the EU at the end of March.

The XE Brexit Barometer
Whatever happens, our currency experts will be monitoring events as they happen. You can view our countdown to Brexit Timeline here: https://blog.xe.com/all-eyes-on-exchange-rates-in-the-6-month-countdown-to-brexit/

Nobody can predict for sure what will happen next, or how the UK will be impacted once a deal has, or has not, been reached. It seems reasonable to assume that there will be volatility for the pound whilst the deal is being negotiated.

We can be your eyes and ears in the market, with a range of currency tools to help you monitor market movements. With an XE account, you can also create personalised Rate Alerts to let you know when your desired exchange rate becomes available.

If you’d like to discuss your situation with us in more detail, please contact us and our team will be happy to help.

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