MPs vote on Internal Market Bill

Daily Currency Update

GBP - British PoundLast night, despite mounting pressure from the European Union, MP's backed Boris Johnson’s internal market bill, voting in its favour by 340 to 263. MP's defended the bill stating it has necessary safeguards to protect Northern Ireland and the rest of the United Kingdom incase Brexit negotiations break down further. Johnson has suggested that the European Union are using the withdrawal treaty, agreed in January, to potentially implement trade barriers between Northern Ireland and mainland Britain. It is clear to see the fractious relationship between the United Kingdom and the European Union is strained. This is only adding to the feeling that a no-deal Brexit could be a distinct possibility and we will be on World Trade Organisation terms next year. This morning Britain’s unemployment rate rose to 4.1% for the period of May to July. This is the first time the unemployment numbers have increased since lock down began in March. However, it is important to consider that the furlough scheme will be ending in a matter of weeks.Yesterday sterling did stage a small recovery against the euro and the dollar after last week's poor performance. In fact last week was sterling’s worst week for over six months.