Theresa May's Brexit Speech Sends Pound Rocketing Higher Against US Dollar by 3.4%

Yesterday’s crash in the British pound has been completely erased today as British Prime Minister Theresa May struck a friendly tone in her Brexit speech, “We are leaving the European Union, but we are not leaving Europe,” she said.

The British PM called for a “new, positive and constructive partnership between Britain and the European Union.”

May’s speech sent the pound skyrocketing against the dollar, completely erasing the 1.5% drop from Sunday. At press time, the British pound has gained approximately 3.4% against the greenback, hitting a daily high of 1.2414!

In her speech, Theresa May outlined a 12-step strategy for maintaining UK stability and successfully persevering the economic ties between the United Kingdom and the EU, in a post-Brexit environment.

-Certainty and clarity on all negotiations.
-Full control of UK laws, no more influence from the EU courts.
-Strengthen the ties between the four nations of the UK (England, Scotland, Wales, and Northern Ireland)
-Maintain common travel area with Ireland.
-Control of immigration.
-Reciprocating rights for European & British citizens in the UK and the EU.
-Preserving & translating EU worker rights in the UK.
-Robust Free Trade Agreements with various EU member states.
-New FTAs with countries outside the EU
-Collaboration with EU on technological innovation
-Cooperation with the EU in fight against terrorism and cross-border crime
-An orderly Brexit process

The details of Britain’s withdrawal from the EU are still being worked on, and Theresa May explained in today’s speech that her cabinet will put the Brexit deal to a vote in Parliament:
“I can confirm today that the Government will put the final deal that is agreed between the UK and the EU to a vote in both Houses of Parliament, before it comes into force.”
While May’s address struck a conciliatory tone, the British PM also made it clear that the right balance must be struck on the Brexit deal, “No deal for Britain would be better than a bad deal for Britain,” she stated.