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Britain stakes its all

September 11, 2020

September 11, 2020

Pound loses its good reputationDmitri Demidenko

Brexit’s ugly shadow hangs over the British currency

Family life makes people so strong that they aren’t afraid of afterlife. Boris Johnson isn’t afraid that Britain may lose its good reputation, or that the parliament will reject the Internal Market Bill. Neither is he afraid of the EU’s ultimatum.

Minister for the Cabinet Office Michael Gove asserts that the Government can’t do without the bill, or else there won’t be free trade between Northern Ireland and the UK. Excuse me, but why didn’t you think about that when making an agreement with the EU in autumn 2019? Then, they needed to urgently settle the Irish border issue, and they thought they did it. In fact, the things only got worse.  London signed an agreement with Brussels to forget about it one year later. That news shocked financial markets and dropped the British pound.

- How do you usually relax?

- I make others feel stressed.

The ECB’s meeting was supposed to be the key event in the first third of September, but Brexit hogged the blanket. Financial Times was the first to spread the rumour about a bill in which the UK government ignored some clauses of its EU agreement, such as filling in a custom declaration at the Irish border and informing Brussels about government aid. It turns out, there can’t be smoke without fire . For such a long time London had been looking like a stupid cat crying loud behind a closed door and then just sitting in the doorway.  At the beginning of autumn, it just turned back and moved in the opposite direction. I wonder why they wanted to be let in the Single Market then.

What can happen to him when I’m by his side?

Nervous breakdown, at most.

Boris Johnson isn’t less odious than Donald Trump. First, he said he’d rather be dead in a ditch than staying in the EU. Then , he denied COVID-19 until he caught it himself. Finally, he’s ready to reject the EU agreement that was so hard to make. He doesn’t give a damn about Britain’s losing its reputation or Brussels’ eventual legal actions. He won’t let anyone have his share, insisting that an error made to one’s own benefit during money calculation is an instinct.

However, the trouble may involve not only the EU or the UK Parliament. Thus, speaker of the US House of Representatives Nancy Pelosi asserts that the US Congress won’t ratify the London-Washington trading agreement if Britain cancels its Northern Ireland agreement with the EU.

 Still, Johnson doesn’t seem to care. And those who don’t care about others seem to live longer.

Waiting for a good opportunity isn’t easy, but missing out on it is easier. So we need to use bad ones. The Prime Minister stakes its all, and the pound’s collapse isn’t really surprising.  However, the pound has its good reputation too. If it loses it, foreign investors may flee the British stock market. Is Boris Johnson’s game worth the candle?

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Price chart of GBPUSD in real time mode

The content of this article reflects the author’s opinion and does not necessarily reflect the official position of LiteForex. The material published on this page is provided for informational purposes only and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC.

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