The results of the EU Referendum has sent parliament into turmoil, Jeremy Corbyn faces a 'no confidence vote' which could see the Labour leaded removed and the markets continue to react negatively to Brexit.
As we expected, once the UK announced they would be leaving the European Union, UK Prime Minister David Cameron’s position became untenable and a resignation followed shortly after. It appears Former Mayor of London Boris Johnson (Brexit Campaigner) is the favourite to replace the PM, however some Conservative MPs believe this was Boris’ plan all along which has divided the conservative party.
It has been announced that the PM will continue until October and today he was in the House of Commons stating he has a responsibility to unite the country together in his remaining time as PM. However, this has not helped to stop the pound falling further against all of the major currencies.
What we didn’t expect was for 23 out of 31 shadow cabinet members to walk out in a stand to remove labour leader Jeremy Corbyn. Labour MPs feel he should have done more for the ‘remain’ camp and his campaigning style just showed he would never win an election therefore he is not fit to be leader. Mr Corbyn faced a vote of no confidence yesterday and could face another non-binding vote to have him removed later this week.
For the first time since the UK announced the Brexit decision Chancellor George Osborne yesterday morning released his first statement. It was no surprise he tried to calm the markets and he exclaimed the UK had prepared for a Brexit vote. He went on to state there would be no immediate budget until a new Prime Minister was elected which is a major contradiction to what he said 3 weeks ago. Despite his reassuring words of wisdom, the Pound and the FTSE100 continued to fall throughout yesterdays trading period.
Politics have a major impact on the currency market and the continuing struggles between the two major political parties will continue to weigh down on the Pound. I expect the pound will continue to struggle in the weeks ahead.
Whist the World continues to react to a Brexit, we remain open to answer your questions and concerns during this uncertain period. You can call our trading floor on 01494 725 353 or email me here if you have any questions.
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