The pound is being “pushed from pillar to post” as Brexit chaos continues. Finance experts claim the ever-increasing uncertainty of the UK’s separation from the European Union – scheduled at present for April 12 – is to blame. The pound is currently trading at €1.164 against the euro, according to Bloomberg. It comes after MPs in the House of Commons again rejected all four indicative votes on Brexit, put forward for judgement by House of Commons speaker John Bercow on Monday.
Speaking of the impact of the political landscape on the economy, Laura Parsons, currency analyst at TorFX, said: “The GBP/EUR exchange rate continues being pushed from pillar to post as Brexit drama reigns.
“Another round of indicative votes came to nothing last night, with none of the four options securing a majority.
“GBP/EUR dropped back from €1.171 to €1.165 in response to the news.
“Any rumours emerging from today’s crisis cabinet meeting could trigger further Sterling movements.”
On Monday, MPS voted against the notion of a customs union.
They also turned down a confirmatory second referendum, parliamentary supremacy and the common market.
The option of parliamentary supremacy stated if a Brexit deal has not been agreed, and MPs have rejected leaving without a deal, Article 50 must now be revoked.
Yet with that rejected, the prospect of a no deal Brexit is still possible.
This would mean the UK leaves the EU on April 12 with no clear plan of how to proceed.
The looming threat of a no deal Brexit has previously sent the pound to euro exchange rate in turmoil.
While the prospect of a thumbs up to Prime Minister Theresa May’s Withdrawal Agreement has seen figures boosted during the past few months, a no deal has had the exact opposite.
Meanwhile, last week, the government confirmed Britons need a three month period on their passport after the date of travel in order for it to be valid.
The advice came after mass panic from Britons over the validity of their passports.
The UK Passport office’s official site recently crashed, as worried travellers sought to make sure theirs was fit for travel amid no deal fears.
Consumer watchdog Which? then warned that those with less than 15 months left on their passports could be at risk if they plan to travel after March 29 in a No Deal Brexit scenario.