Hammond Warns Against No-Deal Brexit


Britain’s Finance Minister Phillip Hammond warned those in his party vying for Prime Minister Theresa May’s job that a no-deal Brexit would endanger the economy. “We need to get the spectre of a no-deal exit off the table,” he told the BBC. “Leaving with no deal would be a very bad outcome for the economy.” Hammond also indicated he could be prepared to vote to collapse his party’s government if he felt it was heading in the wrong direction.

Figures released on Thursday from the Society of Motor Manufacturers and Traders (SMMT) said car production fell 44.5% year-on-year to 70,971 units in April, the sharpest fall since exactly 10 years ago when Britain was stuck in recession. A driving factor in the fall is that Car factories shut down last month to sidestep the risk of supply chain disruption from a potentially chaotic “no-deal” Brexit at the end of March, the original date for Britain’s departure from the European Union. This is concerning for the pound and the British economy as the manufacture of motor vehicles accounts for about 9 per cent of overall manufacturing output in Britain.

Key Announcements

13:45 – USD: Chicago PMI Index (May) Expected to be higher at 53.7 from 52.6

Why choose RationalFX?

Based in the heart of London’s financial district Canary Wharf, RationalFX has traded over $10billion in currencies across the globe. Take advantage of our competitive exchange rates, market expertise, suite of FX products and online payment platform when you make bank to bank transfers in over 50 currencies worldwide.

Whatever your reason for making overseas payments, we’re confident our currency specialists can save you time and money while providing peace of mind. Call our team now on: +44 20 7220 8181