To ask if you think that there might be a financial shock next Friday 31st January Brexit day?

[Everythingnotsaved]

I know there is a year long transition period but will the pound tank next week? We are leaving the trading block that we have been in for the last 47 years for no trade deals agreed at all. Will it cause a financial shock? Will anything happen at all? I am not expecting Black Wednesday obviously (for those of us old enough to remember it) but I do think we are in for a very bumpy ride

I am worried (and bloody pissed off as voted to remain) but there hasn’t been much about it in the press (as they are all talking about Megan and Harry) and its like its not happening!!

Aibu?

No. Because markets adjust to expected upcoming events before they happen.

WSS. It’s not a surprise.

just have to wait and see then ride it out.i doubt the world will end but no doubt a few people will get hysterical and in floods of tears over somehing they have no control over,
while i can understand that to a degree, the sheer uncertainly of it all, but everyone has plenty of time to get their heads round it as have businesses and the rest of the world, so no 'oh i didn't know it was happening'

I need to convert some money to euros for DS's trip. Wondering if I should do it before or after!

I doubt anything will change when the clock hits midnight tbh

mn will will explode at about 2 minutes past 11am

Is it Brexit day again? It seems to come round quicker all the time.

No, as a PP said the markets have already adjusted, we are leaving with a "deal" so I'm not expecting anything.

Nothing will change at the end of January.

THe fun will come when the UK has to lay its trade deal cards on the table at the end of February.
The ink will still be wet and smudgy.

@byvirtue well, we are not really leaving with a ‘deal’- the withdrawal agreement is done but we could still crash out in a year if a trade deal isn’t done. I think there’s plenty of chaos ahead!!

I think the markets over the next year will be interesting.
Some people in the know are going to make even more money.

Much of the decrease in value of the pound has already happened. I expect a deal to be done this year even though it will most likely be on the EU's terms largely.

I won't celebrate next Friday though- leaving the EU is an act of economic self-harm.

No because isnt the plan they repeal the whatever act and the immediatley re-instate it with an end point.
So its just more of the same whilst they negotiate stuff.

Most businesses in the UK are expecting there to be a recession this year because of Brexit. Hardly a surprise, given what we are throwing away. No doubt the Tories will bring in more austerity measures...

If you are travelling soon and need currency then changing now makes sense, I prepaid my hotel to be on the safe side, but it won't take long to settle, this will be priced in now, it's not a shock

it won't take long to settle, this will be priced in now, it's not a shock

People always say this but the £ increased when Boris got a majority and promptly dived again when he said he wasn't going to extend transition.

That said, I have a euro account and I sent over £100 the day before yesterday and got more euros than I've done the whole time I've had the account (since October 2018). So it has obviously recovered again but timing matters.

The currency will not move until
(a) the trade deal position is published in late Feb
(b) the Budget on 11th March

The UK DOES NOT HAVE A DEAL
It has a Withdrawal Agreement

Reaching a deal starts in March and has to finish by July
to allow ratification by both sides

January 31st is a non event and already priced in.

The trade negotiations will be significant. I personally favour a GBP rally as I think it is cheap.