Pound Gains, FTSE 100 Rises as Markets Bet on May Confidence Vote Win

LONDON — The pound made modest gains against the dollar and the euro in mid-morning trading on Wednesday, just minutes after British Prime Minister Theresa May confirmed on live TV that she’d fight for her job in a no confidence vote set for the evening.
The FTSE 100 was also on the rise, climbing 1.36 percent to 6,899.02 at around noon. The pound was up 0.4 percent against the dollar at $1.25, and had gained 0.3 percent against the euro to 1.11 euros.
Markets fear uncertainty, and the prospect of a new British prime minister and cabinet would most likely have sent the pound tumbling.
Conservative party members of parliament have moved to topple May after she postponed indefinitely a vote on Britain’s Brexit deal. Already, party members including Boris Johnson and Sajid Javid are jockeying to take her place.
May said she’ll contest the vote with everything she’s got.
“A leadership election risks handing control of Brexit negotiations over to opposition members of parliament. The new leader wouldn’t have time to renegotiate a withdrawal agreement and get the legislation through parliament,” May said outside Downing Street on Wednesday morning.
“A change of leadership in the Conservative party now will put our country’s future at risk

Follow WWD on Twitter or become a fan on Facebook.

Read More…

Source link

We will be happy to hear your thoughts

Leave a reply