'Full English Brexit' Breakfast with Vicky Pryce

'Full English Brexit' Breakfast with Vicky Pryce

Eggs, economics and an EU departure

In the wake of the UK’s departure from the EU at the end of January, we invited a selection of moneycorp clients to attend a special ‘Full English Brexit’ breakfast, hosted by our International Payments Managing Director, Lee McDarby, and featuring economist and business consultant, Vicky Pryce.

Brexit Breakfast 1

Vicky offered her insights into the global economy and the immediate aftermath of Brexit, before our clients tucked into a delicious breakfast spread. The talk centred on the world economy as a whole, with a particular focus on the trade negotiations between the UK and EU. At the start of a turbulent 2020, Vicky was able to provide a clearer picture for our clients of the volatile landscape currently in our sights and just how recent events have contributed to a stagnant IMF outlook on the global economy.

With businesses unsure of the new rules and regulations that will be put in place, as well as those that will be removed, it has been challenging to move forward for organisations with interests in the EU. Sticking points have included financial regulation and the EU’s access to the UK’s fishing waters, both of which have increased tension between both parties throughout the negotiations. With 10 and a half months to go until the end of the transition period, concerns remain over whether a basic agreement can be put in place to avoid a no deal Brexit.

Clients were also offered an overview of the global economy and recent data, which included the resounding performance of the US dollar against declining US manufacturing output. This buoyance has been attributed to increased consumer spending and government investment, and could be a significant factor in President Trump’s re-election campaign. The euro zone’s struggle was also addressed, with significant economic data across the zone highlighted. France and Italy both saw declines in GDP, while German Manufacturing PMI figures over the last year all come in below 50, marking contraction in the industry. 

Brexit Breakfast 2

After the presentation, Vicky then fielded questions from a number of our clients. When asked on her own opinion regarding the trade negotiations, she expressed her own doubts over the likelihood of a ‘meaningful’ agreement being signed before the end of the year, however also shared her belief that a basic agreement will be put in place to avoid a no deal Brexit. Vicky then wrapped up by attributing the pound’s future performance in 2020 as bound to the interest rate decisions in the UK, EU countries and the US.

Vicky Pryce will be presenting a webinar for our Winter Economic Update on Tuesday 25 February at 1PM GMT. Register here to attend the webinar.

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