What is a Tory leadership race without controversy?

10 June, 2019

Sam Roberts

While the country is still waiting for Brexit to happen, our Prime Minister has jumped ship and without a captain or charts to plot a course, the crew members have started trying to outshine or ‘out dross’ one another in order to see who will eventually take control of the bridge.

So we have politicians who have taken drugs, Who would have thought it? In their race to show who was the more ‘hardcore Oxbridge raver’, the hopefuls seemed to have forgotten a few things. Namely, there is still a country to run, a British exit from The European Union to manage and an economy to try and resuscitate.

Fine, Michael Gove likes ‘the Bolivian marching powder’, Jeremy Hunt likes to kick back with ‘Mary Jane’ every now and then (still have a hard time picturing that, to be honest) and Boris Johnson too was once a fan of grade A narcotics (that kind of makes sense actually).

So for the hopefuls in the leadership race, the agenda is as follows:

The race officially begins today, so the chance to throw your hat into the ring officially ends today. We will have the first round of ballots this Thursday and any candidate with 16 votes of less will be eliminated and have to leave the BB house (sorry wrong show).

There will then be a final ballot on Thursday 20th June with votes taking place until there are only two candidates remaining.

Then on Monday 22nd July, the party will vote until there is a clear winner and the new leader of the Conservative party (and interim leader of the country) will be named, later on in July.

What does any of this do for our economy and market movements? Well, the markets seem to be just a tad excited at the moment. Probably due to the profile of some of the candidates who have stepped forward to be considered for leadership.

The FTSE 100 closed almost 1% up on Friday (I know it was around the same time that President Trump left the UK but I’m sure that was nothing more than a coincidence) and although down on previous weeks, the currency market ‘slowed’ its fall.

It is easy to write about Politicians, who have sworn to serve the people, live and lead by a higher example because they tend to highlight their failings in such a dramatic and in most cases self-inflicted manner.

What is less obvious is what your currency will be worth, when it becomes time for that purchase or transfer you have to make. Your Currency Index Consultant will help take away the guesswork out of foreign currency exchange and help you secure the best rate possible.

Why not speak to your Currency Index Consultant today and see what our charts have to say about the ‘choppy waters’ ahead.


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