Brexit: The race to Number 10 Downing Street, second ballot results

The second ballot results of the race for Conservative leadership sees Dominic Raab eliminated.
The second ballot results of the race for Conservative leadership sees Boris Johnson leading.
GBP/USD is capped by the result as markets price in chances of a hard Brexit.

In the latest stage of the process for deciding the UK's next prime minister, the result of the second ballot for the Conservative leadership is being announced where all 313 Conservative MPs were expected to take part in this at the Houses of Parliament.

Any of the six remaining candidates will be eliminated from the contest if they fail to secure at least 33 votes or if they come last.

The contenders were as follows:

Boris Johnson, Jeremy Hunt, Michael Gove, Dominic Raab, Sajid Javid and Rory Stewart - (They cast their ballots in the first hour of voting).

Boris Johnson, the former foreign secretary and Mayor of London, was topping the first ballot earlier this month with 114 votes.

Round one results were as follows: Boris Johnson 114 Jeremy Hunt 43, Michael Gove 37, Dominic Raab 27, Sajid Javid 23, Rory Stewart 19 (Matthew Hancock 20 - withdrew).

The results:

Boris Johnson: 126
Jeremy Hunt: 46
Michael Gove: 41
Dominic Raab: 30 (eliminated)
Sajid Javid: 33
Rory Stewart: 37

FX implications

Candidates advancing through the race who are supporting a hard Brexit will weigh on the value of sterling as it will be suggesting that markets may have to price in a higher probability of a no-deal Brexit.

And the race continues...

Those remaining in the race will now take part in a live BBC debate in central London.
Remaining candidates will face further ballots later this week in another knockout contest where the bottom-ranked MPs will be knocked out until only two are left.
Finally, beginning on 22 June, the final two candidates will be put to a postal vote of the 160,000 Tory party members.
The winner expected to be announced about four weeks later.

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