The pound is weak against the euro and the dollar this morning, losing out to poor economic data and the increasing chance of a no-deal Brexit.
Yesterday, Chancellor Philip Hammond warned the two leadership candidates, Boris Johnson and Jeremy Hunt, to “be honest” over their spending plans, and avoid the “temptation to get into a bidding war.” He also said that leaving the EU without a deal would use up the extra money in the budget.
Meanwhile, Jeremy Hunt has pledged to start focussing on a no-deal scenario at the end of September if he doesn’t think that a deal can be secured.
Today, Johnson and Hunt travel to Northern Ireland to pitch to Conservative Party members there.
UK Manufacturing PMI sank to a 6-year low in June against the backdrop of Brexit uncertainty and global trade tensions. Construction PMI figures are released today, which are also expected to be in contraction territory.
