Brexit Uncertainty Spikes and Pound Plummets

Following the resignation of Brexit secretary Dominic Raab and Pensions Secretary Esther McVey, the British Pound has plummeted. There are expectations of further resignations in what is being called a “rebellion” against the Brexit deal struck by the E.U and U.K. In his resignation letter Raab said, I cannot support an indefinite backstop agreement, where the EU holds a veto over our ability to exit, the terms of the backstop amount to a hybrid of the EU Customs Union and Single Market obligations. No democratic nation has ever signed up…

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Ireland’s Brexit Opportunity

Without doubt this is a challenging time for Irish businesses with exposure to the UK, with certain industries such as food, agri and tourism more exposed than others. With the many challenges surrounding Brexit, not least uncertainties in relation to our border, it is easy to forget that in dark times, there is always opportunity. Joanne Howlin, VP of Growth at TransferMate Global Payments, addressed Dublin Chamber’s Leaders Series on 15th May, focusing on the opportunities which Brexit presents for Ireland Inc, how prepared we are to leverage these opportunities,…

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The Future of FinTech in a Post-Brexit World.

FinTech Integration

Are FinTech companies disrupting the way established financial institutions operate today? In an age of rapid advances in technology coupled with innovation across many industries, FinTech companies have also increased the rate of change in terms of processes, technology and the levels of customer service provided. For example, there are many “challenger banks” which have entered the UK market but they are often a secondary banking provider to customers offering alternative mobile technology like Starling or Monzo. At TransferMate we believe partnerships are the way forward, working with banks around…

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GBP has taken a hit and is expected to fall even further

GBP has taken a hit and is expected to fall even further

In light of last nights unexpected poll results there is increased political uncertainty in the UK. With Brexit negotiations only around the corner GBP has taken a hit and is expected to fall even further. It comes with no surprise that sterling opens this morning on the back foot as European markets wake up to the unexpected reality that the Conservatives have lost their overall majority. The currency had already fallen by around 2% after the release of the exit poll last night. Sterling’s weaker tone is reflected in EUR/GBP…

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Brexit Insight: How Should Your Business React?

Brexit Insight: How Should Your Business React?

The UK is leaving the EU – So now is not the time to bury your head in the sand. HOW DO THINGS STAND AT PRESENT? The UK economy appears to have weathered the initial shock of the Brexit vote, although the British pound’s value remains near a 30-year low, opinion is sharply divided over the long-term effects of leaving the EU. Major firms such as EasyJet and John Lewis have pointed out that the sterling slump has increased their costs. Britain also lost its top AAA credit rating, meaning…

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