- The Prime Minister has retained her role but reports say the numbers for a no confidence vote are about to be reached
- The Sterling has weakened against the dollar due to the lack of development in the Brexit deal
- Internal fighting in the House of Commons likely being observed by EU officials
The British pound has continued to suffer throughout the week because of the possibility of a ‘no deal’ Brexit. While there have been no major developments over the weekend, the fear of businesses and government officials has grown.
According to recent reports from major newspapers in the United Kingdom, this fear stems from the lack of development from negotiations between the British government and the European Union. Due to Britain’s current situation, the GBP/USD exchange rate opened at 1.3072 last week.
A looming disaster?
The internal fighting has continued among MPs despite Theresa May surviving a meeting with the Conservative Committee. Analysts say that the European Union will look into the politicking in the House of Commons and even suspect that EU officials will not be in a rush to make any form of decision. Meanwhile, Mrs May is dealing with the possibility of being replaced as the numbers to reach a vote of confidence is reportedly growing.
All monetary policies are still in place though, according to the Bank of England. A report from DailyFX notes that growth will be a lot lower in the coming months, but that interest rates will not go up until the middle of 2019. While this seems to be a bit of good news, a ‘no deal’ Brexit will mean the NHS will suffer from staff shortages and cancelled operations. According to a report by the Guardian, briefing notes from the NHS reveal that it will likely take years before the health service can replace its EU staff.
BMA Scotland chair Dr Lewis Morrison said: “A lot of the concerns exist whatever flavour of Brexit we get.”
