Brexit vote passes cabinet but sterling falls

Yet again the on going Brexit saga has flattered to deceive and, although Prime Minister Theresa May was able to pass her latest Brexit draft through her cabinet, the pound has once again fallen sharply from the highs of 1.1550 on Tuesday. It would appear a growing number of politicians are showing little support for this agreement.

A very detailed timeline for the next steps in the Brexit saga can be found here. You will see there is still some way to go for Theresa May and this is far from a done deal. There is a real chance these plans will be rejected by parliament in December, potentially leaving Mrs May’s position as untenable and some significant volatility for the pound will ensue.

Dominic Raab resigns…….

In breaking news Brexit secretary Dominic Raab has resigned causing a significant shift down for the pound. We have now seen sterling fall nearly 1% overnight, this is a worrying trend and those who were hoping for  a strong start for the pound will be bitterly disapointed. More to follow…..