Cabinet Resignations Spark Market Turbulence

High-profile resignations from Theresa May's Government and a challenge to her leadership have rocked FTSE 100 bank and property shares and sterling

Morningstar News Team 15 November, 2018 | 2:54PM Alliance News

UK Prime Minister Theresa May

UK currency and stock markets were volatile on Thursday after a wave of high-profile resignations from the Cabinet, including Brexit Secretary Dominic Raab, and on fears that Prime Minister Theresa will be challenged as leader of the Conservative Party.

The pound slumped from $1.30 to $1.28 and €1.15 to €1.13 after news of Raab's resignation broke on Twitter. Sterling has risen in recent days amid relief that a draft Brexit deal had been agreed between the EU and UK and that Cabinet had approved the withdrawal agreement. This consensus was shattered on Thursday after the Brexit Secretary resigned.

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Securities Mentioned in Article

Security NamePriceChange (%)Morningstar
Rating
Persimmon PLC1,843.50 GBX1.04
The Royal Bank of Scotland Group PLC114.60 GBX-2.39

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