Theresa May announces snap UK general election

Dubai eyes on GBP-AED exchange rate

UK Prime Minister Theresa May has called for a snap general election to be held on Thursday June 8.

Following the commencement of negotiations with the European Union over Britain’s exit, May underlined her calls for an election by claiming that unification of Westminster is essential if Brexit is to be a success.

“The country is coming together but Westminster is not,” she said. “I have concluded the only way to guarantee certainty and security for years ahead is to hold this election.”

According to May, the infighting currently going on in parliament, with other political parties being accused of playing games, risks the UK’s ability to make a success of Brexit, and “will cause damaging uncertainty and instability to the country.”

In Dubai, interest will turn to the effect this announcement, and the forthcoming election should it be be approved by MPs on Wednesday, will have on the strength of the pound against the dirham. While the past 12 months have seen the British pound get weaker against many foreign currencies, early negotiations with the EU have seen it begin to show shoots of recovery. Immediate response to the announcement saw the pound go up one cent on the US dollar, and roughly five fils. At the time of writing, the exchange rate sat at GBP1 = Dhs4.64, having risen from Dhs4.46 in March.

In short, the more dirhams you get per pound, the better for UK tourists coming to Dubai. Fewer dirhams per pound is better for those visiting or sending money back to the UK.

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