'Embarrassed to be British...'

Not in PMQ’s…

Was spotted outside on his phone - orchestrating the pusch?

Sterling now back above 1.17€

The Markets are liking what they see.

More like concerns over a recession in the Eurozone, the Euro is down to its lowest level against the Dollar since 2002.

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Looks like Gove has effectively jumped.
32 ministers and PPS have now resigned.
Obviously, it really is the end of Johnson now.

But the £ has fallen more sharply against the $

Isn’t it the $ that’s strengthened??:thinking:

Yes. I think the long run decline of the € against the $ is mainly due to the war in Ukraine, The short term rise in the £ against the €, but decline against the $ is probably I think due to the location of the traders - more $ traders outside Europe that don’t really know the UK political situation, and are just worried by instability - but more € traders in Europe that see Johnson’s demise as a positive.

It certainly can’t be seen as a negative :smiley:

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Must buy some balloons - party time coming.

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Boris isn’t ready to go | The Spectator

He might not be ready but…

…we are :fu:

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1.18 and rising now, it appears the pound fares better without a viable government!!

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Even this morning, as the Daily Mail landed on doormats only hours before a new slew of resignations finally forced Johnson’s hand, the paper ran a statesman-like picture of him on the front page with the headline “Boris stares down the mutiny”, with further prominent mention of his “mandate from 14m voters”.

“Not since its ‘hurrah for the Blackshirts’ headline has the Daily Mail misjudged things so badly.”

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Without a Johnson government anyway.

Actually if you look at the £ $ exchange rate history and correct for external factors (like the mid-70s oil crisis precipitated by OPEC and 2008 financial crash that originated in the US) the £ always tends to do worse under the Tories - most notably the disaster of the first 5 years of the Thatcher governments, which saw it fall from over $2.40 to less than $1.10. It was reasonably stable with the constraint of the LibDems under the early Cameron years - but of course plummeted again with the Tory majority and brexit referendum.

There are many oddities in the history. There tends to be a speculative mini-surge when Tories are elected - possibly because some UK and US traders believe the media myth of Tory economic competence (when all the actual evidence points the other way) - but once the policies impact international investors tend to get out of sterling. Yet the myth persists…

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