After an uptick yesterday, the pound is looking weak against the dollar this morning and strong against the euro. This comes after Johnson’s seemingly ruthless sacking of ministers when appointing his new cabinet, which sent a strong message that Brexit will be delivered ‘come what may’.
Johnson not only sacked pro-remain MPs, but also MPs who are for Brexit, such as Liam Fox and Penny Mordaunt. He has appointed Sajid Javid as Chancellor, as well as Priti Patel as Home Secretary and Dominic Raab as Foreign Secretary.
The pound extended its gains against the euro and the dollar yesterday, following Boris Johnson’s entrance into Number 10. Speaking outside Downing Street, Johnson said that he wants to “change the country for the better”, and that the UK will leave the EU on the 31st of October, “no ifs, not buts.”
Unless a motion of no-confidence is called today, we won’t see any major political developments until summer recess finishes in September.
