Theresa May announces her new cabinet and brings some surprises to the table, Boris Johnson finds himself appointed as Foreign Secretary which was met with mixed opinion throughout Europe.
The Bank of England yesterday chose to keep the interest rate at 0.5% as Governor Mark Carney and the 9 members of the Monetary Policy Committee voted 8-1 to remain. Whilst this did cause an immediate jump with the rate reaching 1.21 for the first time in two weeks, it only lasted 2 seconds. The minutes that followed made it very clear that economic stimulus was discussed with most of the committee of the opinion that there will be a cut when the group meet in August.
Mark Carney will be speaking around 1pm today and will hopefully provide an indication as to what the MPC expects for the future. This speech could itself cause major market movements as any sentiment positive or negative is interpreted.
Theresa May has started naming her cabinet ministers in the last few days:
Rudd possibly a little unknown in UK politics has been thrust into the limelight by Theresa May taking over from the now Prime Minister as the leader of national security. Previously an investment banker, Amber Rudd came late to politics in her 40’s and has since risen up the ladder. Rudd’s most famous appearance so far may be the targeted bashing of Boris Johnson in the Referendum debate where she said “Boris is the life and soul of the party, but he is not the man you want driving you home at the end of the evening”. I’m sure there will be no love lost at the first round table meeting.
No doubt the most surprising appointment from Theresa May’s cabinet. Boris, the celebrity of the Conservative party has been given a major role in managing the UK’s relationship with nations around the world. Having previously shared his thoughts on Obama’s roots being Kenyan and being asked to not attend a meeting in Palestine due to Pro-Israeli comments, there is probably plenty more to come. However as an avid leave campaigner it does mean the new Prime Minister has listened to the country and her Government will have a fair split from both camps.
Previously Foreign Secretary Hammond now a seasoned cabinet minister has already gone to work in abandoning George Osbourne’s deficit timetable and suggesting there will be no emergency budgets. The new Chancellor has now set his focus on restoring business confidence in the UK.
Davis is one of the longest serving Conservative MP’s arriving in Westminster in 1987. He has been a Eurosceptic since then and has now been tasked with negotiating Britain out of the EU. In May this year he suggested that it would be sensible to start negotiations with Germany rather than Brussels, creating an ally out of Angela Merkel very early. Davis has recently written that he hopes to invoke Article 50 before the turn of the year or at latest very early in 2017.
There is set to be plenty of new announcements to come from all government departments as ministers put their plans in place. The currency markets will continue to move aggressively in the coming months with almost any information causing major volatility. If you’re in contact with your broker they can be in the best position to assist with any requirement you may have.
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