RATE ALERT: Pound Rises on UK Election News

 
RATE ALERT: Pound Rises on UK Election News

Well, here we are again. Once more, a political event has had a big impact on the exchange rates, particularly the pound.

Why?

This week, UK Prime Minister Theresa May unexpectedly called for a general election in June which she says is necessary to strengthen the upcoming Brexit negotiations.

Since taking over as Prime Minster, Theresa May had consistently ruled out an early election. Therefore the announcement on Tuesday was unexpected and strengthened the pound against all major currencies including the Euro. The general feeling is that an election could provide Theresa May with a much bigger mandate and also importantly a bigger majority in the House of Commons. This potentially could help the Prime Minister and Government during the Brexit negotiations – that’s how the news has been interpreted by the currency markets.

Despite the recent strength of the pound, it is worth noting there is still the potential for a lot of volatility in a time of political and economic uncertainty

With that in mind, if you need to transfer money to or from France this year it might be a good idea to contact the team at currency specialists moneycorp. Along with offering great exchange rates, the expert team at moneycorp can provide tailored information and guidance on how you can maximise any money transfer; ultimately getting you more for your money. Plus with FrenchEntrée all your transfers will be free of any fees.


Call moneycorp on +44 (0)20 3773 6355 for more information or to discuss your currency transfer requirements. Receive free transfers on all your payments. To ask a question about your upcoming property purchase, or for free guidance on the euro – click here. Please remember to mention FrenchEntrée to make sure you receive free transfers for life.

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Mar Bonnin-Palmer is a Senior Key Account Manager at Moneycorp and regular contributor to French Entrée Magazine. During her career as a lawyer based in London dealing mainly with British clients buying a property in Spain, Mar became very familiar with the process of purchasing abroad. Since 2006 she has been fully devoted to foreign exchange, dealing with private individuals and companies that need to make international payments.

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