1922 Committee narrowly reject rule change

Hi everyone,

Theresa May received a partial reprieve yesterday, after the 1922 committee rejected (9 against, 7 in favour) a proposal to allow an early vote of no confidence. This has done little to help the Pound move up, but has saved a potentially significant drop in the market for now. 

The PM is expected to continue the Brexit process next week with reports suggesting she will bring forward a vote on the withdrawal agreement and implementation bill. This could result in another horrendous defeat if voted on. Local elections in the UK on the 2nd of May, could provide yet more uncertainty for the Pound if the Tory party do not perform well.

Sterling is currently down 1.5% versus the Euro and 2% versus the US Dollar over the past month.




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Dan Waterman
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