News

Reminder: New British prime minister set to be announced tomorrow

The Tory leadership voting contest will end today

Conservative Party members will have up until 1600 GMT to cast their ballots for either Boris Johnson or Jeremy Hunt, before the voting will close and the result set to be announced some time tomorrow – the winner will then take office on Wednesday.

Johnson remains the frontrunner in all of this and his victory should see a couple of resignations come about with Cabinet member and finance minister, Philip Hammond, almost certainly set to be the first one to go.

In case of an upset where we see Hunt come out triumphant, I reckon there is some scope for the pound to recover slightly – since Hunt has ruled out proroguing parliament so perhaps odds of a no-deal are slightly lower relative to Johnson.

But in an otherwise straightforward scenario, it’s either we see nothing change at all in the Brexit rhetoric or everything starts to unravel – depending on how Johnson will act once he steps into No. 10.

I’ve always argued that it’s one thing to talk the talk in the campaign, but it’s a whole other thing to walk the walk when either of them becomes prime minister.

Regardless, expect Labour to call a no-confidence motion against the government – likely to fail – when the new leader is announced. As for Brexit progress, don’t expect much any time soon because parliament is set to observe a recess from 25 July until 3 September.
ForexLive

Articles You May Like

USD/MXN trims losses after reaching 2-month highs near 19.80
LIVE Forex Trading – NewYork Session 15th August 2019
Weekly Trading Forecast: Dollar, Equities and Gold Still Dialed Into Trade Wars
SIMPLE and PROFITABLE forex trading strategy 80 % winning rate
LIVE Forex Trading – NewYork Session 12th August 2019

Leave a Reply

Your email address will not be published. Required fields are marked *