The British Pound Sterling continued to linger around 4 months of low rate Thursday after the Prime Minister Theresa May had to endure yet another resignation by the cabinet & faced harsh calls from some of the members of her party who asked to step down from her post.
The British Pound compared to the U.S Dollar has been to £1 to every $1.25 & plunged to an all-time low of £1 to every 1.2603 as the European trade began on Thursday. Right around the same time, the Euro was valued at 88.385 pence.
The British Pound is predicted to suffer a consecutive two weeks of losses against the Euro.
May’s fourth attempt on trying to secure domestic support for her Brexit withdrawal plans looks botched & her party members asking her to step down have become much louder than earlier. Adding to Theresa May’s miseries was the retirement of the House of Commons leader, Andrea Leadsom. Leadsom took the spot for the 36th minister to have resigned in an almost three year period under Theresa May’s premiership. Theresa May is expected to leave in the coming few days & her party will be cutting down on candidates until two people are selected before the run-off vote is conducted.
Several Conservative lawmakers are expected to compete to be the next leader for the U.K, but former Foreign Secretary Boris Johnson has been put up as the favorite of bookmakers. Former Foreign Secretary Boris Johnson, who is a supporter of Brexit, has been greatly criticizing Theresa May’s moves to strike a deal & has stated that Britain does not have anything to fear from leaving the trading alliance.
A note by J.P. Morgan, the investment bank stated in a note that a leadership victory on Johnson’s part would spell several resignations from within the Conservative Party, which will further push the case for a popular vote.