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Britain Braces for Brexit!

February 2, 2017 3:42 pm Published by

Seven months after the UK voted to leave the EU, MPs have now passed a Bill allowing Theresa May to begin the Brexit process.

MPs backed the Bill by 498 to 114 and today, an official White Paper has been published outlining Britain’s exit strategy. Although approval is still required by the House of Lords, this is a promising development for May who is expected to invoke Article 50 in March. After this, it will take approximately two years to leave the EU.

The White Paper documents the government’s 12 ‘principles’ including:

  • Migration control
  • Taking control of our own laws
  • Withdrawing from the single market
  • Negotiating a new free trade agreement
  • Protecting and enhancing existing workers’ rights
  • Securing rights for EU citizens already living in the UK and the rights of UK nationals living in the EU

Britain set to leave the EU

 

David Davis, the Brexit secretary, said that the Government was aiming for ‘a new, positive and constructive partnership between Britain and the EU that works in our mutual interest’.

Of course, these events have had an impact on the strength of Pound Sterling – especially against the Euro. Although the currency pair is still volatile, the Pound has continued to strengthenĀ against the Euro since the middle of January. We saw a dip down to around 1.133 and today the exchange rate is hovering around 1.171. As more information is released about the strategy to leave the EU we expect the currency to remain temperamental.

GBP to EUR exchange rate

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This post was written by Kayleigh Driscoll

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