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Article 50: Trigger Set for Next Week!

March 23, 2017 1:52 pm Published by

After Britain historically voted to leave the EU in June 2016; a date has finally been set for Theresa May to trigger Article 50: 29th March.

Article 50 is an agreement for any country that wants to leave the EU, with a timetable of two years set for the negotiations to take place. This means that Britain should officially leave the EU in March 2019.

Once Article 50 has been triggered,  May is expected to set out her aims to the House of Commons and the EU’s response is expected within 48 hours.  Negotiations will then take place as soon as possible with the aim of mutually beneficial agreements on trade and other issues.

What will happen to the Pound when Article 50 is triggered?

Analysts say that ‘Brexit’ has already been priced into the current value of the Pound so we shouldn’t see a major dip in the currency.  In fact, the Pound has been getting stronger against the Euro and Dollar over the last week as our currency charts show below.

gbp to eur rate

gbp to usd exchange rate

 

Invoking Article 50 will not go unnoticed by the market – the Pound may lose some strength – but it will be the EU’s response which will likely have more of an impact on the currency.

If you would like to secure an exchange rate, you can use our online currency service 24/7 for your money transfers. Our UK support team is available to answer any of your queries and help you plan ahead for your currency needs.

Get in touch by emailing [email protected] or call us +44(0) 203 603 8940.

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This post was written by Kayleigh Driscoll

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