Liam Fox’s trade envoy Andrew Percy has resigned after attacking the government’s move to cut import tariffs if the UK crashed out of the EU without a Brexit deal.

Percy felt “patronised” by the international trade secretary and claimed that the government’s policy would threaten the existing trade deal with Canada, which is worth £800m. The resignation aims to underline that a no-deal Brexit will be disastrous for the UK as it questions Fox’s promise to replicate 40 trade agreements and ensure a smooth Brexit.

More resignations

In addition, the resignation is one among many, as a series of resignations by senior ministers were meant to thwart any moves towards a no-deal Brexit. The resignations by Tory MPs will also ruin Boris Johnson’s smooth march into Downing Street this week.

Philip Hammond and David Gauke’s resignations “highlight the perilous political climate for Theresa May’s expected successor.” With Johnson expected “to be announced on Tuesday as the victor over Jeremy Hunt in the vote of Conservative members,” the resignations hold an extra significance. It is not only Hammond and Gauke’s resignations, but there is a possibility of other ministers and junior ministers opposed to no deal, such as the international development secretary, Rory Stewart, resigning soon after.

Gauke  told the Sunday Times: “Given that I’ve been in the cabinet since Theresa May came to power, I think the appropriate thing is for me to resign.” He added: “If the test of loyalty to stay in the cabinet is a commitment to support no deal on 31 October – which, to be fair to him, Boris has consistently said – then that’s not something I’m prepared to sign up to.”

Gordon Brown has also come forward to warn against a no-deal Brexit, saying that future historians would view it as “an act of economic self-harm that runs wholly counter to the national interest.”

No-deal tariffs

Percy’s resignation is then another warning among many about the terrible impact of a no-deal Brexit. For him, a no-deal Brexit and cutting import tariffs were a huge mistake that would cost them existing trade deals. According to The Independent’s sources: “Andrew warned them back in March, as soon as the UK’s no-deal tariffs were published, that it would mean the Canadians would not go for rolling over the Ceta [Comprehensive Economic and Trade Agreement] deal. He could see they were getting 95 per cent of what they wanted if a no-deal happened, that the tariffs were better than what is in Ceta – so why would they rush to sign up to what the UK wanted? He said it was such a cack-handed approach, but he was patronised by a couple of ministers – including Liam Fox – and told that everything was going to be fine.”

In March, the UK announced that tariffs would be slashed “temporarily” on 87 percent of imports, after a no-deal Brexit. For this reason, Canada felt that there was no reason to carry over the Ceta, one of the most important of the 40 deals, despite pressure from the UK government.

Barry Gardiner, attacked Liam Fox for his lack of understanding of how international trade works and said that “Andrew Percy’s resignation, claiming he was patronised and ignored when he was clearly ‘telling it like it is’, is sadly typical of the arrogance Liam Fox displays to everyone who disagrees with him.”

Don’t let your finances be affected by Brexit

Boris Johnson might be closer to becoming a PM, but Brexit continues to be thorny issue, while the idea of a no-deal Brexit is becoming less appealing for more Tory ministers. Whether Johnson will get the UK out of the EU with or without a deal, or whether Fox really understands international trade, remain to be seen. But what is certain is your ability to make wiser choices and protect your business and finances from political and financial instability. A foreign exchange broker is the best choice for an importer or exporter who transfers money internationally and Universal Partners FX can offer valuable assistance when moving large funds abroad or making regular payments. Give them a call today and find how much you can save on your currency exchange.

Property in Spain

Neither a weak currency nor Brexit seem to deter Brits from dreaming of buying their property in Spain. According to removal company AnyVan, Spain is the number one desired destination for British expats, beating such places as Australia, New Zealand, Canada and Dubai.

 

AnyVan poll

In a new poll carried out by removal company AnyVan, people in the UK were asked where they would like to live if they could choose anywhere in the world. 13% of Brits said they would choose Spain, while a 12% said they would equally prefer New Zealand or Australia. Other popular places were the US (10%), Canada (9%), Italy (7%) and France (6%). The CEO of AnyVan, Angus Elphinstone, said: "It's nearly a national sport in the UK to dream about moving. From flicking through property prices and listings on Rightmove to sitting down to watch one of the vast number of primetime TV shows offering advice to those looking to change homes for a place in the sun. Our research highlighted where people dream to move to, but there were still 16% of residents who didn't want to move anywhere."

The research demonstrated the differences between ages, as younger people looked for career opportunities in wealthier and bigger countries, where they can work and live comfortably. For example, those under the age of 34 were attracted to the US, with 16% admitting the US was their favourite, followed by Australia and Spain. Dubai was also a favourite among the young, as 4% wanted to move to the Middle East. On the other hand, those over the age of 55, dreamt of moving to New Zealand (14%).

 

Spain: the UK favourite

It's not just because of the sunny Barcelona or Madrid, the flamenco, bullfights and paella. Spain is so much more for Brits and offers everything they could wish for away from home. It's a stunning destination, with a lively culture. But it has also started to improve economically, with youth unemployment being down to 33 percent from over 50 percent in 2013. This is a place where both the young and the old will get to enjoy a rich lifestyle, without feeling isolated or far away from home.

 

Buying property in Spain is not such a bad idea

Brexit uncertainty might not be a defining factor when choosing to move abroad, but it can definitely hurt your finances when transferring large sums of money. It is not surprising that many economists and business professionals are warning that a no-deal Brexit will make things even worse, as the price of the pound could plummet, while many businesses could be under threat. The pound is currently down, especially due to fears of a hard Brexit and because of Boris Johnson, the frontrunner to replace May, who has said that Britain could leave the EU without a deal at the end of October.

If you are enthralled by Spain and its people, and want to move there, Universal Partners FX can help you with your international transfers and explain the process of moving funds or making regular payments when buying a property abroad. UPFX operates with no hidden fees and ensures that multiple international payments are more cost-effective. With their comprehensive hedging strategies, you can get a level of financial stability and security. Their unparalleled customer service means that you can get hold of them at any time, and they will make sure that your money will get where it needs to be within 24 hours.

If you would like to learn more or want to just understand how currency experts can save you money, give them a call today.

Brexit

France and Spain’s property markets are among the favorites for many Brits, despite Brexit. In many ways, Brexit did not change Brits’ desire to move permanently to France or Spain, indeed, it has, paradoxically made it stronger. With Brexit strategy in tatters, the UK confused about its own European identity and a climate that cannot compete with that of sunny Spain, for example, many are determined to look for a home overseas.

Uncertainties of moving abroad

Planning to purchase property abroad is a long process, and for those who have already started or are in the midst of deciding, there is nothing that can really stop them, not even the uncertainty of Brexit. Nonetheless, there are worries about their new life in Europe. For instance, many Brits worry about the lack of affordable healthcare, long legal processes of buying property, or just simply maintaining their property back in the UK due to a weak pound. But these are issues that can be tackled, to a certain extent. Finding a place in the sun to retire is perhaps a bigger enough reason that propels Brits to move abroad, even though they are aware of the possible problems. A peaceful life in the countryside is definitely more attractive, than remaining trapped in a little house back home. Enjoying a higher standard of life is a solid fact that cannot be shaken by the uncertainties of the process or the current unstable political landscape. As many have enjoyed the perks of living abroad through their regular visits and holidays overseas, it is very difficult to resist the lure of the good weather and of long cool nights under starry skies.

More European because of Brexit?

With the European elections taking place from the 23 to 26 May, it is impossible to forget Brexit. It is interesting to see how it has affected Brits in the way they perceive themselves. According to Radio France Internationale, 23-year-old English au pair Emma has been in France since August and despite coming from Thetford, where many voted for Brexit, she feels European and wants to live in Europe. It was, ironically, Britain’s decision to leave the EU that pushed her to move to another country. Like many other Brits living abroad, Brexit has affected their decision and made them understand the benefits of their European heritage. As the article reported, “the Brexit decision has created practical problems for them but also raised questions about identity.”

Sterling and Brexit

Whether motivated by Brexit or your own personal desires and wants, the decision to move overseas comes with a lot of considerations. One of the biggest ones is making your money go further, and taking advantage of currency volatility so that it does not affect your savings. Everyone has noticed that this week the pound has suffered against the euro due to turmoil in Downing Street affecting currency markets worldwide.

The fact that Theresa May’s premiership is now being questioned after her failure to get approval for her Brexit deal, has impacted on the pound, which dropped against the euro.

Theresa May’s time is coming to an end. Initially against Brexit and later having to negotiate a deal— which for many hardcore backbenchers and hardline Brexiteers was not desirable or close to what the British people have voted for in the 2016 referendum—May was given an almost impossible task. Her replacement and the possibility of a no-deal Brexit are now appearing to be, not only the stuff of nightmares, but also a reality leading currency traders to avoid the pound.

Buying property overseas is a complex process and having a trusted currency broker by your side is a massive advantage when it comes to the current movement of the pound. Universal Partners FX can help you navigate a volatile market and transfer money internationally, mitigating the negative effects of Brexit and a weak pound, and ensuring that your funds are not impacted by exchange rates. Get in touch today with your currency dealer and find out how much you can save on your currency transfers.