Pound Falls Ahead Of Theresa May Brexit Speech

[mikey4444]

http://www.bbc.co.uk/news/business-38632140

And she hasn't even opened her mouth yet !

What an asset Mrs May is to Britain....the cause of a 20% drop in the value of Sterling.

[grumpy01]

And what asset would Jeremy Corbyn and John Mcdonell be to Britain Mikey?

[Gromit]

To be fair to May, she did not support Brexit, she was inherited the mess from Cameron.
I don't think she has handled things at all well. It's taken nearly a year to get to anything vaguely resembling a plan (and we still don't know what that is).
The Pound is taking a battering before her speech because it has been leaked that she is going for full fat hard Brexit, which economists don't like.
This might be a bluff and her speech might not be that bad and the pound might rally, we shall have to wait and see.

[Hopkirk]

I agree with Gromit, the fluctuations in sterling are due to our vote to leave.

You can't blame it all on Theresa.

I still believe that in the long run the UK will be more prosperous outside the EU. The money markets don't look at the long run though, they look for short term profits.

[mikey4444]

Grumpy...interesting but slightly off-topic. I keep being told by everybody on here on AB that Labour will never win a future Election, but the Tories did and Mrs May is now in the chair.

Since the Brexit vote, the pound has fallen by 20% and that should concern us all, even the Tories.

[Hopkirk]

... and the UK stock market keeps breaking record highs.

[mikey4444]

Because the Pound is in freefall Hoppy !

[naomi24]

Don't panic, Mikey. It'll be alright on the night. ;o)

[Hopkirk]

Swings and roundabouts.

It's good for our pensions.

[Gromit]

We may see the Supreme Court verdict today or tomorrow, because it doesn't make much sense May making her grand speech BEFORE the verdict.

[mikey4444]

Thanks Gromit....I hadn't realised that the verdict was due so soon.

[jno]

a weak pound is good news for exporters, bad news for importers (eg those who buy food that isn't British-grown) and Brits who holiday abroad. So it's probably not great for most ABers but it may held the country's trade balance.

[Gromit]

The other spanner in the works for invoking article 50 is that Northern Ireland now has no Government.
The devolved countries of the UK have to be consulted about May's plans, but the elections in NI will take at least 2 months. So May will have to delay her plans or risk them being unconstitutional.

[Jackdaw33]

Gromit, that is pure drivel.

[mikey4444]

Well said Gromit....yes, another barrier to Mrs May.

[Gromit]

Jackdaw

// Theresa May’s plans to trigger Article 50 could be delayed by months because enacting Brexit while Northern Ireland’s Assembly is in crisis may be illegal, The Independent has learned.
As a result, the Prime Minister may be unable to trigger Article 50 – the formal mechanism by which a country begins to leave the European Union – as she will be unable to get approval from Stormont, thereby delaying her Brexit plans even further.
Speaking to The Independent, leader of the anti-sectarianism Alliance Party, Naomi Long, said Ms May could face a legal challenge from Northern Irish politicians if she tries to trigger Article 50 while Stormont is not sitting.
Ms Long added that in the event of such a legal challenge, Article 50 could be delayed considerably while a court decides whether Stormont must approve plans. //

http://www.independent.co.uk/news/uk/politics/brexit-latest-news-northern-ireland-crisis-stormont-assembly-delay-theresa-may-illegal-article-50-a7526126.html

[Gromit]

Supreme Court verdict:
// A decision is expected in early January. The Court has not yet announced a date but typically announces decisions on a Wednesday. //

Also, the 11 Judges are said to be split, 7-4 to support the High Court ruling that Parliament must have a vote.

[Khandro]

Strong UK support and anti EU sentiment from Northern Ireland;
http://www.express.co.uk/news/world/754581/ireland-brexit-britain-uk-brussels-michael-fitzmaurice-irexit

[Gromit]

If May knows the Supreme Court verdict will go against her, then she may be trying to get her plan out before that, so she can paint the Judges as enemies of the people, as the Mail did last November.

If she lets the verdict be delivered first, it will throw her plans into disarry. This way, there will still be disarry, but it will be the Judges who will get all the flak for the delay.

[cassa333]

OFFS the £ moves.. what a shocker.

The £ moves whenever there is a speech looming and Bretix is the topic and reason of choice right now. Has it ever occurred to you Mikey that it goes down so the bankers can then make a killing when it gets pushed back up again? Banking is a big game of Monopoly played with everyone's cash and anything and everything is seized upon and used to advantage. The markets don't care about Bretix they care about the effect they can make on their bottom line.

The effects of Bretix (either before it starts or after) is going to be dramatic in some ways. It is going to smack a few people in the face, look them up and down with disdain and walk off smugly.

Until that happens no one is right and no one is wrong because it hasn't happened yet.

It is what it is and no amount of the screaming abdabs from the likes of Mikey is going to change that.

[Gromit]

Northern Ireland voted 56% to Remain in the EU. Northern Ireland politicians will not be supportive of Mays plans, whatever they are.