BREXIT FACT: Pound has outperformed the Euro since UK left Single Market and Customs Union

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After much doom and gloom in the mainstream media about the pound falling in value last month against the dollar, official data from the Bank of England and the European Central Bank shows the Euro has in fact fallen consistently more.

The United Kingdom finally left the EU’s Single Market and Customs Union at midnight on 31 December 2020 and the following chart shows the movement in the value of both the pound and the euro since that date using the official figures from the Bank of England and the European Central Bank.

Commenting the report, former Secretary of State and former Single Market Minister, the Rt Hon Sir John Redwood MP, said:

“The Euro has been weaker than the pound against the very strong dollar. The EU’s energy position is much worse than the UK’s.

“The UK can now invest more to push to self sufficiency just as the US has done.”

The research undertaken by Facts4EU show the evaluation of the pound and euro against the dollar since the UK exited the transition period and left the EU’s Single Market on 1st Jan 2021 compared with 30th October 2022.

  • Pound on 01 Jan 2021 : $1.3579
  • Pound 30 Oct 2022 : : $1.1581 (-14.7%)
  • Euro on 01 Jan 2021 : $1.2296
  • Euro today : : 30 Oct 2022 (-19.1%)

Facts4EU published a seminal report which proved immensely popular with the public, rebutting the anti-Brexit claims of the BBC and says it is important to debunk the myth that the UK left the EU on 31 January 2020. The pro-Brexit website says:

“Amongst the ‘clutching at straws’ Rejoiner community there were some bizarre claims that we had used an arbitrary time period. We hadn’t. Our chart shows the value of the pound and euro against the dollar from the date the UK actually left the Single Market and Customs Union.

“Some people continue to believe the UK left the EU on 31 January 2020, after Boris Johnson signed the ‘abominable’ EU Withdrawal Agreement. In purely technical terms this is how each government describes it but the reality was entirely different.

“An 11-month ‘transition period’ then took over on 01 February 2020, and in practice nothing changed. The UK was still in the Single Market and Customs Union, still under EU law, and still trading with the EU and the world under EU rules. The only difference was – incredibly – that the UK no longer had any say over the laws under which it was governed.”

Here is what the EU Commission has to say:

“What happens on 1 February 2020?

“When the United Kingdom leaves the European Union on 31 January 2020, after full ratification of the Withdrawal Agreement, we will enter into the transition period. This time-limited period was agreed as part of the Withdrawal Agreement and will last until at least 31 December 2020. Until then, it will be business as usual for citizens, consumers, businesses, investors, students and researchers in both the EU and the United Kingdom. The United Kingdom will no longer be represented in the EU institutions, agencies, bodies and offices but EU law will still apply in the United Kingdom until the end of the transition period.

“In particular, the United Kingdom will remain in the EU Customs Union and in the Single Market with all four freedoms, and all EU policies applying.

– EU Commission website, accessed 30 Oct 2022

Why compare with the US Dollar?

  1. The US Dollar is the defining western currency used everywhere for comparisons
  2. The US is the UK’s largest trading partner [Source: ONS]
  3. Using the US Dollar allows an impartial comparison between the state of the Pound and the Euro

The Facts4EU report continues to say:

“Yes, the pound has fallen in value over many years. This started well before the EU Referendum and Brexit. What we have shown, however, is that when the UK finally left the Single Market and Customs Union on 01 January 2021, the Brexit pound has outperformed the euro.

“The Facts4EU.Org and CIBUK.Org teams are strong advocates of freedom of speech. However, when it comes to the rules of impartiality imposed on the BBC in particular under its charter, it is wholly unacceptable for them to produce output which is so biased as to make it unwatchable for millions of people. The added insult of course is that we must all pay for their political bias, via the compulsory licence fee.

“We only wish we had a guaranteed source of income like the BBC. As it is, we must rely on our readers to donate what they can to keep us pumping out the truth.”

Source: Facts4EU / CIBUK

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