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The pound is holding steady in early trading on Thursday, the morning after the country’s MPs approved the first stage of the country’s Article 50 talks to leave the EU.

Sterling is up 0.3 per cent against the dollar this morning to $1.2685 to a more than six-week high after UK MPs voted by 498 to 114 to allow the prime minister the power trigger the exit clause which will kick start a two-year negotiating process expected to begin at the end of March. Sterling is now up 1 per cent this week.

Later this morning the government will be issuing a “substantial” white paper on its negotiating aims where Theresa May will flesh out her plans for taking the UK out of the single market and the purview of the European Court of Justice.

MPs will need to pass the Article 50 bill through the Commons again next week, with the House of Lords also due to vote on it later this month for the prime minister to stick by her timetable of delivering the UK’s notification of exit to Brussels by the end of next month.

“It seems unlikely that there will be any insurmountable hurdles from here” said Elizabeth Martins at HSBC.

Later today, the Bank of England is expected to revise up its UK growth forecasts for 2017 as it releases its latest quarterly outlook on the economy. Policymakers are expected to announce to change to the UK’s record low interest rates. The decision is due at 12.00 (GMT).

Related reading:

Bargain hunters start to sniff around the pound

Four things to watch on BoE day

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