The pound is at the mercy of Brexit and, with the UK facing even more uncertainty following Theresa May’s defeat yesterday, there will be even more volatility for GBP, experts have warned. Sterling fell against the euro yesterday evening following the vote but has soared since, peaking higher than yesterday morning. The pound is currently trading at €1.128 against the euro, according to Bloomberg at the time of writing. “Theresa May has just experienced the largest defeat for a sitting government in history,” Ian Strafford-Taylor, CEO of currency expert FairFX said. “As Labour leader Jeremy Corbyn tables a vote of no confidence in the government - which could well trigger a general election - the UK faces even more uncertainty, and consequently even more volatility for the pound.” “As MPs went to vote on May’s proposed Brexit deal, the pound stood 14 per cent down against the Euro, and down 13 per cent against the US dollar compared to … [Read more...] about Pound to euro exchange rate: How did the Brexit vote affect sterling?
Pounds dollars exchange rate history
The economic history of the United Kingdom deals with the economic history of England and Great Britain from 1500 to the early 21st century. (For earlier periods see Economy of England in the Middle Ages and Economic history of Scotland). After becoming one of the most prosperous economic regions in Europe between 1600 and 1700, Britain led the industrial revolution and dominated the European and world economy during the 19th century. It was the major innovator in machinery such as steam engines (for pumps, factories, railway locomotives and steamships), textile equipment, and tool-making. It invented the railway system and built much of the equipment used by other nations. As well it was a leader in international and domestic banking, entrepreneurship, and trade. It built a global British Empire. After 1840, it abandoned mercantilism and practised "free trade," with no tariffs or quotas or restrictions. The powerful Royal Navy protected its global holdings, while its legal … [Read more...] about Economic history of the United Kingdom
Good morning and welcome to the Business Breakfast live blog for Wednesday, August 29. I'm Jonathon Manning and I'm running the blog today. The business team's live blog brings you all the breaking news from across the North East, the UK and beyond - basically anything and everything from the world of business. Luxury car maker Aston Martin has revealed it has submitted an application to float on the London Stock Exchange. The British car maker has submitted documents to the Financial Conduct Authority, which is a requirement of firms wishing to float on the LSE. If the FCA gives its approval for the flotation, it is expected that Aston Martin's prospectus will be published on September 20. If you'd like to contribute, tweet at @jnlbusiness to share your opinions, drop me a line at [email protected] or tweet me at @JonnyAManning. Also, we've launched a ChronicleLive business group on Facebook so you can get the latest on city centre closures and openings, and other … [Read more...] about Business Breakfast LIVE: Aston Martin to float on London Stock Exchange
Jason Mitchell 25 August 2018 9:00 AM 25 August 2018 9:00 AM Share Twitter Facebook LinkedIn Email Whatsapp Imagine if Theresa May suddenly announced that her government was going to devalue the pound by 96 per cent; increase the minimum wage by 6,000 per cent; pay the wage increases for millions of businesses for three months; tie the pound to a mythical cryptocurrency; prepared for petrol rationing; and impose a 0.7 per cent tax on big financial transactions. It would be seen either as an act of lunacy, of a collapsing country — or both. For the long-suffering people of Venezuela, it’s just the latest stage of their country’s grand socialist experiment. President Nicolás Maduro has just issued a new currency, called ‘sovereign bolivars’. The original idea was that the currency would be like the old one, but with three zeros lopped off. But then hyperinflation got so out of hand that the government decided on five zeros. … [Read more...] about Venezuela’s great socialist experiment has brought a country to its knees
A public outcry couldn’t do it. Nor could lobbying by businesses, economists or rival politicians. Now currency traders are ratcheting up pressure on Britain and the Europe Union to avoid a no-deal Brexit.Since the U.K. voted to quit the EU in mid-2016, the pound has been the main vehicle for investors to express their view on the path of negotiations. This week a trade-weighted measure of the currency slid to the lowest level in almost a year, reflecting concern that the chances of a smooth divorce were fading.Dramatic market moves may jolt politicians into action where other attempts have failed. Speculators have a long history of forcing governments to change tack, including another memorable battle over Britain’s relationship with Europe, when speculators including George Soros forced Britain out of the Exchange Rate Mechanism by driving down the pound.“Further sterling weakness may be the preferred tool for the markets to express their concerns about the risk of … [Read more...] about Pound Vigilantes Limber Up for Battle to Block No-Deal Brexit