This is the November 2019 issue of the Treasury Hub report, as we continue to bring you our regular Banking and Treasury Report as part of THE TREASURY HUB.
The deadline date for the UK to trigger its exit from the EU came and went. The next date is January 31st (or sooner if agreed by parliament) but with an election now called, there remains a risk that “no deal” could still arise. The EUR/GBP exchange rate has held steady around EUR/GBP0.8600, a level that broadly reflects a deal, but the risk is very much on GBP weakening again in the event of no deal.
Regardless of Brexit fatigue, it will continue to dominate the business landscape in 2020. Even if the UK meets the transition exit date of January 31st, the current scheduled date for leaving the EU is December 31st 2020, with a possible 2-year extension if requested. In that regard, 2020 budgets will have to reflect this continuing uncertainty. Make sure to read section 5 which focuses on the economic outlook and how it may impact on your company budgets for 2020.
The Treasury Hub - Banking and Treasury Report November 2019 can be downloaded here.
For any queries relating to this newsletter, please contact Chris Ball, Partner.