jonwel

Yes, I didn't mean to sound too pleased - obviously if you look further back the decline is much bigger.

GeorgeYoung

I guarantee the best time to buy foreign currency is about 24 hours after I do it.

Sadly, I had been hanging out for as long as I could, hoping for some good news but none came. By that time, there were only €40 left in the bank account....

Geordieborn

George please do tell us when you are buying next time

GeorgeYoung

Will probably be buying some euros in the next day or two, expect the exchange rate to improve by Thursday!

Geordieborn

It looks like it might! Reading an article on the pounds recent crash overnight in Asia it went on about how much is dealt with by computer with little or no human intervention until it gets to a certain point. I just wonder with the Bank of England report due out to day if this is a computer based rise. Of course the prediction by everone is that the BoE will put interest rates on hold, but perhaps computer programs don't work that way?

mikelincs

The decision by the High Court that Brexit MUST be agreed by Parliament before article 50 is activated has led to a surge in the value of the pound with the knowledge that Parliament has a majority of remain people.

Geordieborn

... of course silly me I wouldn't care I've just read the BBC "breaking news" duh!

jonwel

I don't know how anyone could claim that the government had a legally valid mandate, seeing that the referendum is not part of the British constitution. Obviously the Brexit has to be ratified by Parliament in order to become law.
However, the pro-European majority could not get away with actually overturning the referendum result - there'd be an uproar with unpredictable results. What they could and should do is use their delaying power to force the government to negotiate the best conditions possible for the Brexit. And the Brexiteers can't oppose that, because the referendum was only about staying or leaving - people weren't able to vote on the details and the government can't claim to have a mandate for every dot and comma of the terms; these would have to be ratified by Parliament in any case.
But what does "best conditions possible" mean? Probably the best conditions for British big business. Is anyone doing anything to protect us expats in Europe or European immigrants to the UK?

Efes123

It's not that people weren't able to vote on the details, it's that it was impossible to make any sort of 'informed' choice. Which makes the whole thing rather pointless It's like having a vote to reduce taxation with no information on what the consequences would be (i.e. reduced public spending) if there were a YES vote.

We now seem to be in 'chicken and egg' situation where the government only want to ratify if they have some of the details, but the EU won't agree the details until Article 50 has been invoked, which can't happen until the vote has been ratified.

IMHO I think there may well be another vote in the offing which has some detail against various choices.

jonwel

Yes, Efes, your view is a bit more precise than mine. But I'm not quite sure what you mean by "another vote in the offing". Do you mean another referendum? Is that feasible?

Efes123

Thanks
There is huge support in Parliment for the Remain camp, and while I can't see them overturning the vote (political suicide), I just have a gut feeling that there will be some sort of compromise where there is another referendum asking what sort of exit is preferred, with one of the options being not to leave at all. But hey, that could just be the cynical in me

All of which will keep the uncertainty of the future continuing to affect the exchange rate

HADENOUGHPIZZA

I don't see how they could formulate another referendum without first having negotiated a range of exit options with the EU nor do I see why the rest of the EU should spend time / money setting up options that might or might not tempt the UK to stay in , out , a bit of both ? There does seem to be an assumption that the UK will be able to choose bits of the EU that they like , opt out of bits that they don't and pay as little as possible. None of the Brexiters that I've come across recently have ever considered that the rest of the EU might have other ideas

jonwel

Absolutely right! The whole thing has been pure emotion right from the start. Even Theresa May was a non-Brexiteer, but now, purely for career purposes, is annoyed that she can't push through Brexit as fast as possible. She'll have no worries whatever happens! No one seems to have thought about the economic implications of Brexit, and by what mechanism it's supposed to improve the lives of ordinary people. They just blabbered on about regaining control... as if we had any control over big business and banks before 1973 anyway.

GeorgeYoung

Indeed, the point of the court case was that parliament should have a say on the terms of the exit, not the fact of the exit. Basically, the courts have given control back to the UK parliament, which is, I believe, what the Leave campaign wanted all along, isn't it?

On a more prosaic note, I can only saw I did warn you that the pound would gain a bit on the euro this week - some say it's linked to the court case. I know it's just because I bought some euros earlier this week!