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THE VALUE OF the pound sterling has fallen drastically following news that Boris Johnson will ask the queen to suspend Parliament next month.
The currency’s value initially fell by almost 1% against the Dollar, Euro and other major currencies ahead of the news, before rallying later this morning.
The sterling closed at €1.1058 last night, dropping below €1.10 following reports this morning that the House of Commons would be prorogued from September.
The move makes it more difficult for MPs to block a no-deal Brexit, meaning that such a scenario is now more likely on 31 October.
The sterling’s drop follows a recent climb in its value, after it fell below €1.0792 a number of weeks ago, its lowest value in a decade.
That followed reports that the UK’s GDP fell by 0.2% in Q2 of 2019.
In a letter to MPs this morning, Johnson said the current parliamentary session needed to come to a close.
He said he would schedule a Queen’s Speech – laying out the government’s plans – to launch new legislation on 14 October, less than three weeks before Brexit.
He denied that the move was an attempt to block MPs from discussing Brexit, saying MPs would have “ample time” to debate the issue.
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There could be very good value to buy a car in the UK so.
@John Murphy: this whole Brexit is just a mess. Hey where is David Cameron?
@John Murphy: it went from .904 to .91, plumet lol, eeyyyaaaa
@John Murphy: i wouldn’t buy a bike or a scooter from the Uk…least alone a car….in fact..I would rather walk
@John Murphy: just before oct, then I’m sure vrt changes will be coming to screw your average joe as per usual
@RJ: that’s true. It was lower last week. If the markets truly believe a ‘no deal’ is certain, then sterling would probably be on par with the euro or worse.
@Arya: lying on a beach in the south of Spain if he has any since
@John Murphy: already done that saved €7000 even after paying vrt
@Arya: he’s feeding the pigs.
1% does not constitute a “plummet”
@Derek Goulding: does if your playing big on the currency markets monaaay
@JustOneScoop: Which, with the current situation of a No Deal Brexit looking more likely, you can bet your a$$ is happening.
@Derek Goulding:
True. Silly reporting.
It’s now $1.1005, off half a cent since the announcement and up from below $1.08 earlier this month. The headline makes it appear like Black Wednesday.
@Derek Goulding: there is approx £70 billion worth of UK pounds in circulation and the stock market is roughly £4 trillion. 1% is a lot in that context.
@Derek Goulding: it’s a plummet when it weakens and volatility when it strengthens
Hardly call that “Plummets”
Its 3 pence stronger than it was 3 weeks ago.,
Actually took a nose dive 2 weeks and recovered from 1.06 to 1.11
Not great value for the ex pats who are living in Spain and France. I bet their sorry that they voted for Brexit now.
@David Jackman: “they’re” not “their”
@David Jackman: immigrants… not ex pats
Suspending parliament is an undemocratic move by a wannabe dictator. This could cause severe civil unrest in the UK. Can the Queen deny his request, bnow that would be an interesting conversation.
Was it not lower than this 2 weeks ago?
Weird article. By the look at the chart there’s a steady rise in value since early August. No need to waste fuel for a shopping spree at Newry or Enniskillen just yet, or go mad on Amazon UK.
Some people just made a hell of a lot of money…….
Same as when Nigel, even after knowing the exit polls had his side winning, went on telly to say they looked like they were losing and some very wealthy people made an absolute killing
I hope whole thing collapses on its knees. Bring it on its no more than they deserve.
Reminds me of the time I stepped off a kerb and plummeted onto the road below. The wind rushing through my hair, it was magical.
Was in local post office lady in front paid €114.20 for £100 she asked and was told thats what machine is showing to charge !
@Andrew O Grady: Was in belfast saturday and £100 was €109 from an atm.
@Andrew O Grady: post office rates are higher because they ‘don’t charge commission’
@Andrew O Grady: Post Office doesn’t offer the real FX rates
@Trevor Beale: so much for the post office being commission free
…good value for us….and good value for the brits !
Is it a good time to buy pounds now, or should I hold?? Was thinking 5k for a couple years?
@Darren Forde: Buy Buy Buy.
It was just a waiting game, I can see the UK going into the deepest darkiest Recession it has ever seen…
have your say