- Today, Boris Johnson was announced to have won the leadership contest of the UK Conservative Party. He will replace Theresa May as UK Prime Minister (PM) tomorrow.
- Johnson vowed to get the Brexit done on October 31 – “do or die” – but without presenting a clear concept. Over the next weeks, he is expected to tour European capitals for talks. We expect turbulent times ahead.
- As the result of the leadership contest was widely expected, the British pound did not move much. EUR/GBP, close to 0.90, looks toppish, though in a worst-case scenario parity would be a distinct possibility (Hard Brexit unlikely, but risk may be as high as 20-25%).
Download the full publication below
BECOME NEXT UK