UK government tumbled, five casualties so far, more to come?
|PM May softer Brexit's stance put her government at risk for the umpteenth time.
White Paper on Brexit delayed once again, no light at the end of the tunnel.
The UK government tumbled this Monday, as PM May's announcement of a softer-Brexit proposal last Friday triggered a series of resignation, which at the time being totals four. The first resigning was David Davis, the Brexit Secretary, replaced now by Dominic Raab, the housing minister. Davis resignation was followed by that of fellow Department for Exiting the EU, minister Steve Baker.
The next casualty and the noisiest one was Foreign Secretary Boris Johnson, who said that the Brexit "dream is dying, suffocated by needless self-doubt." Johnson has been replaced by Health Secretary Jeremy Hunt. Parliamentary Private Secretary in charge or transport, Chris Green was the next one, alongside with another PPS which announced his resignation over twitter, Conor Burns, although after Davis and Johnson's resignations these last passed unnoticed.
There were rumors about a no-confidence vote on PM May, but her leadership survived a meeting of the Conservative party, avoiding the challenge and with the news taking off some of the pressure on the Pound. Nevertheless, she failed in keeping her team united behind her soft-Brexit stance, and that's not good news.
Pro Brexiters are angry and while things seem to have cooled down temporarily, this is far from the end of it. In the meantime, PM May is said to have delayed the publication of a White Paper to next week, initially expected for this Thursday, that anyway still needs the approval of the EU.
Interesting times in the UK. And is only the beginning.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.