Pound hits new low for the year
Published on 21.05.2018 15:04

The British pound has racked up a new low for the year after an interview yesterday by SNP leader Nicole Sturgeon who noted that the push for another independence vote in Scotland would begin in the coming weeks.

Mrs Sturgeon has been emboldened by the events surrounding the Brexit negotiations and she believes that once all of that facts become known, the Scottish people will back her with a yes vote in a 2nd referendum.

“Once we get some clarity, which hopefully we will in the autumn of this year, about the Brexit outcome and the future relationship between the UK and the EU then I will consider again this question of the timing of an independence referendum,” she noted.

“Over the next couple of weeks we will, I suppose, restart a debate about why independence for Scotland is an opportunity and what those opportunities are” she added.

Some Backbenchers in the government believe that a Snap election could come as early as Autumn if the situation doesn’t change quickly.

“The numbers are against us and if we face repeated defeats when the withdrawal bill returns to the Commons, the only alternative will be to kick over the table and trigger a vote of no confidence in the Prime Minister, which will likely lead to another general election”. They said

The key for the British pound this week will be the release of CPI numbers on Wednesday followed by retail sales figures on Thursday.

The British economy barely grew in the first 3 months of the year, which some have attributed to bad weather, so this week’s news will show if the weakness was just temporary or the economy really is in a slump.

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Andrew Masters

Analyst

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