Brexit bill fairs well for the Pound
Currency jumps to a 2-month high as an 'easy Brexit' looms
by Abi Moses on 1st December, 2017
The Pound has enjoyed a roller coaster of a ride over the course of the last 12 months, with the uncertainty of Britain's political landscape seeing traders invest time and money in the movements of the Pound. This week, the Brexit Bill has seen the Pound reach a two-month high, with the UK Government confirming that they will pay £50million Pounds to exit. As a very close sum to the asking price, this has hinted on a smooth Brexit, with many expecting trade and transition deal talks to now begin.
Rippling across the financial world, the Pound is faring well against a range of major currencies. Rising 0.43 percent to 1.1367 against the Euro and up 0.35 percent to 1.3462 against the dollar, these two currency pairs are proving to be rather popular in the world of financial trading.
Paul Johnson, director of the Institute for Fiscal Studies, has highlighted that the sum paid will no influence on public finances. Despite complaints that the figure is high, Mr Johnson says that the deal is a triumph for Britain.
“If leaving the EU had no economic impact and we were paying £8 billion in, then paying £40 billion upfront would be a win” he says.
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