May to meet Corbyn

Hi everyone,


The Pound is trading up today, as last night Theresa May provided a significant moment in this Brexit fiasco. First she says she will ask the EU for a second extension (around 1 month) and then will engage in cross-party talks. The extension was expected and is viewed as positive on the market, but the meet with the opposition leader will be extremely unpopular with Conservatives, who may look to oust her. 

Whatever the backlash is later from her own party, finding a cross-party solution should have been looked at much earlier. It's been clear for some time now that there is no majority on Brexit, so voting has become pointless. At least this way, we can find out what both parties are prepared to compromise on. This does however, hugely increase chances of a 'soft' Brexit, which will be good for the £, but not for a lot of the general public who voted to leave. 

A number of Tory MP's have already made it clear what they think of the offer to meet with Jeremy Corbyn; "Deeply unsatisfactory"(Rees-Mogg) and "very disappointing" (Johnson) with the Labour leader saying he will be "very happy" to meet the PM.  May is also meeting the SNP leader Nicola Sturgeon today to discuss her views on what will win majority in Parliament. 

So Sterling continues to outperform expectations for now. But, chances of a general election are increasing day by day and if this happens, the £ will fall dramatically. 



 

 

 

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Dan Waterman
Office Manager

 
 
 
 
 
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