The British Pound starts the new week on a remarkably stable footing, despite news David Davis has quit as the Secretary of State for Exiting the European Union, a move that should inject some uncertainty into the future stability of the UK government and Brexit negotiations.
In his resignation letter Davis blamed the “dilution” of Brexit, delays to the White Paper, and omissions from the “backstop” customs proposal that would leave the UK in a “weak negotiating position” at best. He says his role requires an “enthusiastic believer” in May’s approach rather than a “reluctant conscript”.
Press coverage of the resignation suggests Davis has been unhappy with the government’s approach for some time now and was “fed up.”
Davis was followed by deputy, Steve Baker, and another Brexit minister Suella Braverman.
Following the news the Pound-to-Euro exchange rate was seen trading relatively flat at 1.1307. The market did gap higher to above 1.1340, but then pared gains as news of Davis’ resignation filtered through.
The British Pound starts the new week on a remarkably stable footing, despite news David Davis has quit as the Secretary of State for Exiting the European Union, a move that should inject some uncertainty into the future stability of the UK government and Brexit negotiations.
In his resignation letter Davis blamed the “dilution” of Brexit, delays to the White Paper, and omissions from the “backstop” customs proposal that would leave the UK in a “weak negotiating position” at best. He says his role requires an “enthusiastic believer” in May’s approach rather than a “reluctant conscript”.
Press coverage of the resignation suggests Davis has been unhappy with the government’s approach for some time now and was “fed up.”
Davis was followed by deputy, Steve Baker, and another Brexit minister Suella Braverman.
Following the news the Pound-to-Euro exchange rate was seen trading relatively flat at 1.1307. The market did gap higher to above 1.1340, but then pared gains as news of Davis’ resignation filtered through.
