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Sterling slipped today following a string of scandals in the ruling Conservative party. There is evidence of growing doubts over Prime Minister Theresa May’s ability to deliver a good Brexit deal which is putting pressure on the pound.
Despite Britain heading into another round of divorce negotiations with the European Union later this week, investors’ focus was firmly stuck in London where May’s minority government has stumbled into several controversies.
The future of May’s Aid Minister Priti Patel was in doubt this morning after reports she had held several undisclosed meetings with senior Israeli politicians during a private holiday.
The controversy risks shattering May’s already dwindling authority, following a sexual harassment scandal that swept through parliament last week and led to high-profile resignations.
The pound plummeted last week after the Bank of England raised interest rates for the first time in over a decade but pushed back investors’ expectations for further rate hikes.
The Bank told investors to expect just two more hikes in the next three years adding that even these plans were dependent on the outcome of negotiations over Britain’s departure from the EU..
Confidence in the government’s ability to secure an all-important trade deal and protect the economy from the possible shocks of a ‘no deal’ Brexit has been shaken by political drama in Westminster in recent days.
A poll by ORB International on Tuesday showed a record 66 percent of Britons disapprove of May’s handling of Brexit talks, up from 64 percent last month, with increasing scepticism that leaving the EU will make the country better off.
The poll also showed only 27 percent were confident that May will get the right Brexit deal.
GBP/EUR 1.1314
GBP/USD 1.3125
GBP/AED 4.7238
GBP/AUD 1.7108
GBP/CAD 1.6725
GBP/CHF 1.3106
GBP/NZD 1.8977
EUR/USD 1.1586
GBP/ZAR 18.676