Pound Crashes Amid Threats of Brexit

The pound suffered from currency exchange setback anew following the no-deal Brexit issue. Last Monday, it ended the trade with $1.23 and €1.10 defeats respectively.

According to financial analysists, no other reason for such poor performance- it is the Brexit

Under the baton of PM Boris Johnson, the U.K. is about to enter a no-deal Brexit by the end of October. The said deal will completely cut the ties of London with the European Union.

While this move has been favored by almost 60% of the population, still there are lots of confusions. 

The British Chamber of Commerce questioned the ‘preparation’ made by the government in the planned transition, from EU to World Trade Organization-sanctioned trading. Even the Institute of Directors shared its doubt about the ‘guidance’ that the government released to the public. These groups and other lay organizations voiced out their worries that the said deal will cause chaos and would leave Britain in a disadvantage.

Among the cited setback when a no-deal will be imposed include:

  • There could be a dramatic price increase since the products that will be sold in the entire U.K. will be outsourced outside Europe.
  • A tight security check will be implemented after the no-Brexit. The only exception is Ireland. It will still impose the same entering guidelines even if the Brexit is applied.
  • The health coverage sanctioned by the EU will also be cut once this deal is realized by October.
  • The health coverage sanctioned by the EU will also be cut once this deal is realized by October.
  • It is foreseen that medical supplies will also get affected since most of these are sourced from countries under the EU.
  • Britons residing in the 27 EU countries may experience insecurity because the protection of the Union does not anymore cover them.

Despite the said doubts, the new PM is more than determined to implement the no-deal Brexit. He believes that this is the deal that people in England deserve.

Related Articles

Back to top button