No deal Brexit

Market Trends - 11/07/2018

British Prime Minister Theresa May moves ahead with her Brexit plan amidst a stream of departures from her cabinet, with key ministers like Foreign Secretary Boris Johnson and Brexit minister David Davis announcing their resignations on Monday.

It remains to be seen now whether these departures will unleash a leadership challenge although it seems unlikely so at the moment, which is why the pound did not fall as much on Monday after Boris Johnson quit. Since then, Jeremy Hunt has been made foreign secretary and is seen as May’s ally.

The so-called “Chequers” proposal that was drawn up over last weekend is May’s vision for Brexit and was protested by Johnson and Davis. Parliament gets its say on the Brexit White Paper in autumn and it will be interesting to see if her soft-Brexit plan gets voted down. It looks as though Downing Street is lobbying Labour and Lib Dem MPs for a rare cooperation (as they are against Brexit).

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