Global Perspectives: A Middle Ground Brexit May Never Work

Weekly commentary on international finance and economics including global events and how world issues affect our domestic issues.

A Middle Ground Brexit May Never Work Share this story: This week, the UK Parliament took three additional votes on Brexit, and the results are making the market wonder whether Brexit will ever work. They also reflect the current status of a dysfunctional UK Parliament. The first vote was held on Tuesday to determine whether the Parliament would approve the Withdrawal Agreement that Prime Minister Theresa May had pre-negotiated with the EU. It reflected a soft Brexit, where the UK would pay a divorce settlement and some dues, but free trade would continue between the UK and EU with no customs imposed on UK exports. It was rejected by a wide majority. The second was held on Wednesday to determine whether the politicians want to leave the EU with no agreement at all — basically a hard Brexit or a case to crash out of the EU on the deadline date. This meant there would no longer be a divorce settlement and no more payment of dues to the EU. It also would have meant no more free trade between the EU and UK, with customs likely to be imposed on UK exports. That was also rejected. WATCH THE VIDEO If we can help you with any Foreign Exchange needs, please email foreignexchange@cnb.com or call (800) 447‑4133. Want to learn more about international finance, economics, and global events? Sign up for our other Foreign Exchange emails and videos! Follow City National Bank on social media: Non-deposit investment products: • Are not FDIC insured, • Are not deposits or other obligations of City National Bank and are not guaranteed by City National Bank, and • Are subject to investment risks, including possible loss of the principal invested. This report is for general information and education only and was compiled from data and sources believed to be reliable. City National Bank does not warrant that it is accurate or complete. Opinions expressed and estimates or projections given are those of the authors as of the date of the report with no obligation to update or notify of inaccuracy or change. This report is not a recommendation or an offer or solicitation to buy or sell any financial instrument discussed. It is not specific investment advice. Financial instruments discussed may not be suitable for the reader. Readers must make independent investment decisions based on their own investment objectives and financial situations. Prices and financial instruments discussed are subject to change without notice. Instruments denominated in a foreign currency are subject to exchange rate and other risks. City National Bank (and its clients or associated persons) may engage in transactions inconsistent with this report and may buy from or sell to clients or others the financial instruments discussed on a principal basis. Past performance is not an indication of future results. This report may not be reproduced, distributed or further published by any person without the written consent of City National Bank. Please cite source when quoting. Unsubscribe from this list  |  Update email preferences This message has been sent to bank@banking.offers.report. Please do not reply to this email. To ensure the delivery of future emails, please add foreignexchange@emails.cnb.com to your email address book or safe sender list. Copyright ©2019 City National Bank – All Rights Reserved. 350 South Grand Avenue, 12th Floor, Los Angeles, CA 90071 City National Bank is a subsidiary of Royal Bank of Canada. TERMS & CONDITIONS  |  PRIVACY STATEMENT NMLSR ID# 536994 | City National Bank Member FDIC