Home Capital Markets

British currency takes a pounding as Queen approves Parliament suspension plan

Pauline Wong
Pauline Wong8/30/2019 06:30 AM GMT+08  • 6 min read
British currency takes a pounding as Queen  approves Parliament suspension plan
SINGAPORE (Sept 2): The British pound dropped over 1% as newly minted Prime Minister Boris Johnson gained approval from Queen Elizabeth II to suspend Parliament, a move many say will devastate any attempts by members of Parliament to stop a no-deal Brexit
Font Resizer
Share to WhatsappShare to FacebookShare to LinkedInMore Share
Scroll to top
Follow us on Facebook and join our Telegram channel for the latest updates.

SINGAPORE (Sept 2): The British pound dropped over 1% as newly minted Prime Minister Boris Johnson gained approval from Queen Elizabeth II to suspend Parliament, a move many say will devastate any attempts by members of Parliament to stop a no-deal Brexit. The FTSE 100 Index dropped as well.

“The rare sight of the stock market and the currency market coming to the same conclusion — namely that the UK is best avoided for now — throws into sharp relief investor sentiment towards a no-deal -Brexit,” writes Seema Shah, chief strategist at Principal Global Investors. “While turbulent markets will obviously create some attractive selective opportunities and relative value trades for stock pickers, the big international investors now look increasingly likely to decrease their exposure to the UK.”

As the Oct 31 deadline looms for the British exit from the European Union, Johnson, whom many call “Britain’s Donald Trump”, is being accused of perverting democracy and running Parliament roughshod into a disastrous no-deal scenario. However, Johnson insists that the suspension is needed to enact a “bold and ambitious legislative agenda”.

For more insights on corporate trends...
Sign In or Create an account to access our premium content.
Subscription Entitlements:
Less than $9 per month
Unlimited access to latest and premium articles
3 Simultaneous logins across all devices
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)
×
Loading next article...
The Edge Singapore
Download The Edge Singapore App
Google playApple store play
Keep updated
Follow our social media
Subscribe to The Edge Singapore
Get credible investing ideas from our in-depth stock analysis, interviews with key executives, corporate movements coverage and their impact on the market.
© 2022 The Edge Publishing Pte Ltd. All rights reserved.
Unlock unlimited access to premium articles with less than $9 per month. Subscribe Now