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Currency Markets

Sterling Finds Support Ahead Of December 12th Election

C

Christopher Gutfreund

Founder · 30 October 2019

Currencies Covered:

GBP

The UK PM only has a majority of 5,035 over Labour and will be heavily targeted by the opposition.

Wednesday 30th October  - 09:52 (GMT)

Britain will be heading to the polls on December 12th, the first in December since 1923. Boris Johnson hopes this will enable a parliamentary re-shuffle that would allow the Prime Ministers Brexit bill to pass into law. The pound has found some level of support in recent weeks as the UK avoided the uncertainty of a hard-Brexit. However, caution remains amongst investors as EU president Donald Tusk warned the latest extension “may be the last”.

Some political analysts have predicted the election could result in a House of Commons with as many as 100 MPs from neither the Conservatives nor Labour. This may even lead to a hung parliament and further Brexit delays. Even more extraordinary is the potential for Boris Johnsons to lose his own constituency seat in Uxbridge and South Ruislip. The UK PM only has a majority of 5,035 over Labour and will be heavily targeted by the opposition.

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