Pound strengthens as MP’s vote against a general election
Last night Prime Minister Boris Johnson failed to trigger an early general election. Johnson had wanted an election on the 15th of October, only two days before the crucial summit with the EU in Brussels. Mr Johnson needed to secure a minimum of 434 MP’s to be given the green light to an early election, however, he only managed to secure just 298 votes.
The “anti no deal” bill forces the PM to ask for yet another extension beyond the 31 October Brexit deadline if a deal has not been agreed with the EU. Johnson has said that MP’s have “scuppered” the Brexit talks.
GBP/EUR has found it’s footing in the mid 1.11’s but if this bill is pushed through the house of Lords we could see the Pound continue to strengthen against the single currency beyond the 1.12’s, as a chance of a no deal Brexit fades into the background. The only issue now will be yet another potential extension to Brexit and what this could do to the UK’s struggling economy.
What does this mean to you?
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