Lawyers have highlighted that membership of the EU and of the European Economic Area (EEA) are effectively two legal agreements. Leaving the EEA has its own departure protocol and trigger, Article 127. Brexit purists would argue that a vote to leave the EU should also by definition be a vote to leave the EEA, but this would be a leap of logic: simply because there are countries (like Norway and Switzerland) that are part of the EEA and not the EU.
Another headache for Theresa May?
Absolutely. As leaving the EU does not therefore mean leaving the EEA, another Parliamentary vote might be needed, further delaying the ‘Brexit’ process and causing another possible plunge in our economy.
How will the Pound be affected?
A VOTE for Brexit earlier this year briefly plunged the world’s financial markets into turmoil, with the pound dropping sharply. Sterling was volatile yesterday as the market digested the latest legal objections to the Brexit saga. The ECB’s president also provided his own thinking on how Brexit would impact the UK harder than the EU.
More importantly, what kind of impact is Brexit likely to have on the overall outlook of British business? In any case, the world of foreign exchange is extremely volatile. If you are dealing with foreign currency in your day-to-day business, it would be valuable to get advice from professional FX dealers with a commitment to bespoke service.
Indigo FX can help you navigate these volatile times. Please call 0207 856 2467 for further details on how we can help.
