This summer has been dubbed the ‘Summer of Brexit.’
Certainly there has been a sharpening of rhetoric, as one might expect in the midst of a leadership election.
Ireland’s government has produced a 100-page paper that has been described as the most frightening ever produced by an Irish government, on the perils and pitfalls that will obtain for the Irish economy in the event of a no-deal crash out Brexit.
Sterling is weak, but not totally baselining yet. Even with a weak sterling euro rate, Irish exports to Britain have increased by 10 per cent in the first five months of this year. The Republic’s exports to its largest EU trading partner Britain rose by €486 million to more than €6 billion between January and the end of May.
Sterling dropped to £1 trading at €1.10 on foreign exchange markets after the two Prime Ministerial candidates seemed to bin the idea of the ‘Backstop’ on their way to the final election ballot.
Who knows what the eventual outcome of all the grandstanding will be.
Now with the New P.M. Boris Johnson installed, the rhetoric is ratcheting up, and the pound seems to be sliding down.
Sterling stands £1 = €1.08 as of today July 30th, 2019.
Talk of parity doesn't seem so far fetched at this point in time.
