Home » Currency Note » Currency Note » Backbench Brexiter wants May to go now

Yesterday, Backbench Brexiter Jacob Rees-Mogg said that Conservative MPs must vote to remove Theresa May as Prime Minister now if they do not want her to lead the party into the next general election. The chair of the European Research Group of Eurosceptic MPs delivered a speech yesterday where he claimed that very few of his colleagues want May at the helm in 2022.

Rees-Mogg submitted a vote of no confidence last week, but as it stands, only 25 of his colleagues have followed suit – a little over half of the 48 required to trigger a full confidence vote. For her part, May put technological solutions back on the table in a bid to appease hard Brexiters. No 10 had previously dismissed the possibility of using such solutions to maintain an invisible border between the UK and Ireland, but during a two-and-a-half hour cabinet meeting, ministers had discussed the possibility.

The Democratic Unionist party abstained on votes on the finance bill instead of supporting the government on budget measures as it is supposed to under the confidence and supply agreement. However, the DUP’s opposition to the Brexit deal put forward by May has failed to win the support of businesses and farmers in Northern Ireland. Everyone appears to be in opposition to everybody else at present and it is difficult to see how a Brexit deal can get through Parliament at present.

Wall Street opened with heavy losses, with the Dow falling by 586 points, erasing its 2018 gains in one fell swoop. In London, the FTSE 100 closed 53 points lower, with European markets being hit to a greater extent. There are several reasons for this, including fears over global growth, continuing trade disputes, higher interest rates and US investors protecting their positions ahead of Thanksgiving.

Sterling hovered around the $1.28 point towards the end of the day, but managed to make some marginal gains against the euro. The single currency weakened against the dollar too, as fears over the continuing confrontation between the European Commission and Italian government concern investors. We will find out what the EC’s decision is later today and whether there will be any repercussions.

If you’re sending money overseas in the coming few months, don’t leave the exchange rate to chance. Use a forward contract to lock in the same rate for yourself for twelve months. Even if the markets move, you won’t be affected. And, if you’re purchasing or moving to a home abroad, don’t miss our partner Property Guides’ guidance on buying during and after Brexit.

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