Afternoon Update – No Deal Brexit Planning

You’re probably sick to death watching the news in the evening filled with countless votes from parliament and interviews from ‘crystal ball’ economists!

Let us be clear – nobody knows, not even parliament knows what the Europeans are thinking and scheming. It is completely irrelevant what bill is passed in the House of Lords today allowing the UK an extension or removing a ‘no deal’ Brexit as the UK does not hold any of the negotiating power.

1FX aren’t into scare mongering for you to trade currency, however you as GBP sellers need to think what will happen should we leave the EU without a deal next Friday without a deal.

Predicted GBP Shift – No Deal

Most banks are predicting a shift south of 7%. However 1FX are going to suggest that 5% would be a more realistic figure once the market settles. Since Mark Carney (Head of the Bank of England) suggested yesterday that provisions need to be made for a ‘No Deal’ Brexit the market has fallen by 0.8% today alone.

How do you tackle this?

There are tools out there to help you to guarantee a rate without the need for the full amount of GBP upfront. This will help with your cashflow and peace of mind. We suggest dropping us a line tomorrow to discuss further.

Have a good afternoon.