Pound to euro exchange rate: GBP ‘edges up’ ahead of Theresa May’s crunch Brexit vote | Travel News | Travel

The pound was beaten by the euro today following the release of the Eurozone’s latest GDP figures. Today sees Prime Minister Theresa May in the House of Commons facing a Brexit debate on her strategy as well as a vote on a number of amendments which will determine the route of the withdrawal agreement. The UK’s divorce from the EU continues to impact sterling’s movements at this time of great uncertainty. GBP is currently trading at €1.140 against the euro, according to Bloomberg at the time of writing.

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Pound to euro exchange rate: GBP ‘edges up’ ahead of Theresa May’s crunch Brexit vote today

Laura Parsons, currency analyst at TorFX, spoke to Express.co.uk regarding the latest exchange rate figures. “The GBP/EUR exchange rate was left trading in the region of €1.139 on Wednesday,” Parsons said.

“The pairing managed to edge up on the day’s opening levels despite weaker-than-expected UK inflation data. UK inflation came in at 1.8 per cent, sliding from 2.1 per cent.

“However, the euro also came under pressure as the Eurozone’s latest industrial production report showed a massive slump in output.

“The -4.2 per cent decline was the worst since the financial crisis and left the euro weaker across the board.

“In the hours ahead the GBP/EUR exchange rate could fluctuate in response to the Eurozone’s Q4 growth data, but movement may be limited ahead of the evening’s Brexit parliamentary debate.”

The pound benefited from a boost this week after the UK’s senior Brexit negotiator Olly Robbins was reported by ITV to have been overheard in a Brussels bar.

Robbins allegedly claimed Prime Minister Theresa May intended to wait until the end of March before confronting MPs with a choice between her deal or a lengthy Brexit delay.

Pound to euro exchange rate: GBP ‘edges up’ ahead of Theresa May’s crunch Brexit vote today (Image: Getty Images)

Justin Onuekwusi, a fund manager at Legal and General Investment Management, believes that while the chances of a no-deal Brexit had augmented slightly recently due to continued parliamentary deadlock, it is clear neither MPs or the European Union favour that outcome. 

He said: “You probably have to be at the edge of the cliff looking over before a deal is done.”

Onuekwusi added Robbins’ comments appeared to imply the Prime Minister could be leaning towards delaying the 29 March deadline – an option she has long rejected.

The Commons is set for another Brexit vote today. Up to 80 Tory backbenchers are threatening to refuse to back the Prime Minister in the vote on a Government motion endorsing her push for a revamped Brexit deal.

The MPs allied to the European Research Group, chaired by senior Tory Jacob Rees-Mogg, claim the motion effectively rules out a no-deal Brexit.

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Pound euro exchange rate: GBP/EUR steadies as Eurozone crumbles Pound to euro exchange rate: GBP falls amid Brexit volatility Pound to euro exchange rate: The pound is currently trading at €1.140 against the euro (Image: Getty Images)Pound to euro exchange rate: The euro has also come under pressure (Image: Getty Images)

How to get the best exchange rate Sun, July 15, 2018Exchange rate: How to get the best deal on your holiday money.

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How to get the best exchange rate

Several Cabinet ministers were also understood to be considering quitting if a lengthy delay in the withdrawal process is agreed.

“It would be very difficult to stay in the Government if anything other than a short extension is adopted,” said one Cabinet source.

or those concerned about how Brexit will affect travel. Martin Lewis has shared his top travel advice for holidaymakers looking to head abroad after Brexit.

The Money Saving Expert said that three key areas to watch out for are passports, travel insurance and EHIC cards.

Should the UK quit the European Union without a deal, you need to have at least six months left on your passport from the date of your arrival to an EU country.

Lewis also urged Britons to get themselves a valid EHIC card. Travellers should remember this is always free. Any service that requires you to pay is fraudulent. EHIC cards can be obtained via the NHS or EHIC site. 

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