The Telegraph has released a report confirming that Philip Hammond will resign three hours before Boris Johnson is expected to become Prime Minister in a clear sign of how much trouble he intends to cause from the backbenches:
The Chancellor announced live on television yesterday that he will hand his resignation to Theresa May on Wednesday afternoon if, as expected, Mr Johnson is confirmed as Tory leader tomorrow.
He will be followed by other ministers including David Gauke and Rory Stewart who have said they could not serve in a Johnson Cabinet, and will join Mr Hammond in plotting against Mr Johnson from the minute he enters Number 10.
Several Tory MPs, including the former attorney general Dominic Grieve, are understood to be considering...
Meanwhile, the implications for such resignations are negative. According to the IMM Net Speculators’ Positioning as at July 16, 2019, speculators increased their bearish bets against GBP to the highest level so far this year and almost matching the August 2018 high as Boris Johnson is favourite to replace Theresa May as PM. Political uncertainty will weigh on sterling in the coming months - Indeed, it will be a fascinating three and a bit months ahead for the UK.
