The pound is weak against both the euro and the dollar this morning, ahead of the announcement of the new Prime Minister at around 11:45am. It’s still widely expected that Boris Johnson will take the position.
Sterling has taken a hit due to threats of ministerial resignations from the likes of Philip Hammond and David Gauke, with reports that more MPs could follow. Sir Alan Duncan resigned yesterday as Foreign Office minister in anticipation of a Johnson victory.
It seems that whoever wins the leadership race will be thrown straight into the deep-end, with tensions in the Gulf escalating and a potentially divided Parliament.
