UK Prime Minister faces a no confidence vote

Theresa May will face a vote of no confidence in her leadership after the 48 letters required calling for a contest were delivered. 

Mrs May is expected to make a statement this morning ahead of the no confidence vote scheduled for 6-8pm this evening.

In order for her leadership to be relinquished 158 votes will be required to enable a new leader of the conservative party to be elected. If Mrs May does not win the vote she will not be able to stand in the new leadership vote. There is also a chance, that should she win,  but not by an overwhelming majority, that she may stand down.

If Mrs May is ousted as the Conservative leader she would be expected to stay on in a caretaker role until a new leader is elected, a process that could take up to 6 weeks. This would also bring into doubt whether the proposed Brexit bill that is currently on the table will be able to get through the next proposed vote in parliament scheduled for the 21st January.

Pound volatility set to continue

This ever increasing Brexit shambles is causing a big sell off for the pound. One thing a market does not like is uncertainty and this leadership vote may bring even more chaos to an already struggling pound.

Nobody knows what the next couple of weeks will mean for sterling exchange rates, but what we do know is that we’re likely to see some significant volatility in the currency markets. If you need to make a currency transfer, then you should get in touch with us today to discuss how we can help you get the best exchange rates.

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