“Remain Means Remain”

United Kingdom (UK) Prime Minister Theresa May is meeting with Scotland’s First Minister Nicola Sturgeon today in Edinburgh. Scotland, who voted to stay in the UK earlier this year, voted largely to remain in the European Union (EU) in June’s referendum. During the meeting, May hopes to secure Scotland’s continued participation in the UK. In an interview she said, “This visit to Scotland is my first as prime minster and I’m coming here to show my commitment to preserving this special union that has endured for centuries.”

Scotland seems less receptive of May’s vision. Sturgeon is expected to argue for a larger role in negotiating the terms of the UK’s departure from the EU. Sturgeon remarked yesterday, “It is no secret to anybody that Theresa May and I hold very different political views and we have perhaps different views on what should happen now in terms of the Brexit vote.” Whereas May recently remarked, “Brexit means Brexit,” signaling her commitment to the referendum results, Sturgeon has quipped, “remain means remain.”  If Scotland ultimately decides to break from the EU it could risk further isolating the British economy.


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Brexit Update

Exchange Rates

£1 GBP = $1.34 USD

€1 EUR = $1.11 USD

£1 GBP = €1.19 EUR

(as of 7:30 AM EST, 7/15/2016)


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Brexit to Have Lesser Impact on US EconomySeveral members of the Federal Reserve System have said they now believe Brexit will have a lesser impact on the US economy than originally expected and may not change the Federal Reserve’s commitment to raising interest rates again this year.

GBP Boosted by BOE AnnouncementThe British Pound saw its largest gains since the Brexit referendum yesterday. After the Bank of England (BOE) declined to cut interest rates the GBP jumped to $1.35.  

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