Friday 31 January 2020 6:30 amMoneycorp Talk

Quiz: how much do you know about Brexit?

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Senior Private Client Dealer at moneycorp

Brexit has saturated the media over the last few years. But how much do you really know about it? 

Do you know your hard Brexit from your soft Brexit? How closely have you been watching the currency exchange markets since the June 2016 referendum results were revealed? Take our quick trivia quiz and find out…

1. Who is the lead negotiator for the European Union?

A) Jean-Claude Juncker
B) Donald Tusk
C) Sophie Wilmés
D) Michel Barnier

2. How many Article 50 extensions have there been?

A) Three
B) Five
C) Two
D) Four

3. What caused the value of the pound to spike in September 2019?

A) Positive negotiations with Leo Varadkar
B) MPs blocked the chances of a no-deal Brexit
C) Rumours of an imminent deal between the UK and the EU
D) A vote to delay Brexit further

4. Who first coined the phrase ‘three baskets’ when posing the options for Single Market involvement post-Brexit?

A) Theresa May
B) Boris Johnson
C) Jeremy Corbyn
D) Jacob Rees-Mogg

5. Who was the face of the 2018 campaign for The People’s Vote?

A) Sir David Attenborough
B) Liam Gallagher
C) Sir Patrick Stewart
D) Delia Smith

6. What impact did the 2016 referendum results have on the value of the pound in the currency exchange market?

A) It reached a 12-year low
B) It reached a 31-year low
C) No change
D) Slight uplift

7. Who is chairman of the European Research Group?

A) Dominic Raab
B) Jacob Rees-Mogg
C) Steve Baker
D) Mark Francois

8. Which MP is responsible for the bill which required the government to request a Brexit deadline extension in the event of a no-deal outcome? 

A) Mhairi Black
B) Sir Alan Campbell
C) Hilary Benn
D) Jo Swinson

9. When was the ‘flash crash’?

A) June 2016
B) May 2019
C) October 2019
D) October 2016

The answers

Question 1: D
Michel Barnier serves as the European Commission’s Head of Task Force for Relations with the UK.

Question 2: A
Since Article 50 was triggered on 29th March 2017, there have been no fewer than three extension requests made by the UK to the European Council.

Question 3: B
After MPs voted to exclude the option of a no-deal Brexit, the value of the pound rose to $1.24 USD from $1.19.

Question 4: A
The ‘three baskets’ were the three options Theresa May asked the UK to consider when assessing future involvement in the Single Market.

Question 5: C
Sir Patrick Stewart was the public spokesperson for the 2018 People’s Vote campaign, which aimed to secure a second referendum.

Question 6: B
The value of the pound dropped to a 31-year low after the June 2016 referendum results, following an initial climb when exit polls showed that ‘Remain’ might be the more likely outcome.

Question 7: C
Steve Baker is chair for the European Research Group, which had been actively campaigning to leave the EU for some years before the referendum.

Question 8: C
Hilary Benn is responsible for what is now known as the Benn Act — an act of parliament which would force the Prime Minister to apply for a deadline extension on EU withdrawal in the event that a no-deal outcome seemed likely. 

Question 9: D
The currency market was impacted by the ‘flash crash’ in October of 2016. Experts believe it was caused by comments made by President François Hollande regarding the Brexit negotiation process. The crash saw the pound drop against the euro and the US dollar by 2.2 per cent.

How many questions did you get right? Whether you’ve been closely following negotiations since day one or prefer to tune in occasionally, you can rely on a currency exchange expert, like moneycorp, to help you manage your payments internationally, regardless of Brexit. Currency markets are unpredictable, but our team of dedicated foreign exchange specialist can help you navigate the market with ease. 

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Stuart Rogers: Senior Private Client Dealer at moneycorp. With over thirty years’ experience in the financial markets, I joined moneycorp in 2004. Previously I worked as an investment banker and I have extensive knowledge of the financial sector. My background in sales, trading and investment provides customers with a wide breadth of information and guidance. I pride myself on providing support and guidance to help customers make financial decisions relating to their FX requirements based on their individual circumstances.