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.

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1 comment :

  1. Being British, and having lived in Spain for more than 30 years, I can honestly say that the European Union could not care less about Britain leaving. In fact the general feeling is that Britain has held back the development of the European Union as a whole.

    The general feeling one gets from the European, rather than British press, is that free movement of people is fundamental to the basic principle of the Union. There can be no exceptions, there is also a degree of resentment on the part of Eastern European countries Poland and Romania in particular, about Britain's attitude. Despite claims by the British government of being able to threaten Germany and France over importations of cars and champagne there are 25 other members to placate over any agreements. To me it looks like Britain will essentially be faced with a hard Brexit, there is little political or financial incentive to make a special case, particularly as at heart there is a general feeling that "Out meas Out."

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