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UK Politics: the Lowdown

19 Jun 2019

 
Politics has been in the news a LOT over the past couple of years; particularly because of Brexit, resigning Prime Ministers and now the race to find a new one.

Recent uncertainty has meant that exchange rates, particularly the value of GBP have fluctuated because of an unclear view surrounding the country’s position.


BUT… a new Prime Minister could help bring this certainty back, therefore improving exchange rates. But who’s in the running?


Who are the Conservative Leadership candidates?

Boris Johnson – MP for Uxbridge and South Ruislip and former Foreign Secretary

Jeremy Hunt – Foreign Secretary and MP for South West Surrey

Michael Gove – Environmental Secretary and MP for Surrey Heath

Sajid Javid – knocked out after the fourth ballot

Rory Stewart – knocked out after the third ballot

Dominic Raab – knocked out after the second ballot

Matt Hancock – Withdrew

Andrea Leadsom – knocked out after the first ballot

Mark Harper – knocked out after the first ballot

Esther McVey – knocked out after the first ballot

 

Four of the five remaining MPs in the race state that they would leave the EU without a deal, with only Rory Stewart looking to get Theresa May’s existing deal through Parliament. This could prove tricky, but could he have an edge from this as Parliament has already rejected ‘No Deal’.


Debates have been broadcast on TV to give each candidate the chance to air their views to the Conservative Party and the nation.


Voting from the Conservative Party continues this week, with a postal vote going out on 22nd June – there will then be roughly 4 weeks before the next Prime Minister of the UK will be announced.


So, by 20th July we should have a new Prime Minister, which could hopefully end the uncertainty surrounding British politics and help exchange rates rise once again.

 


Upcoming leadership votes

As mentioned earlier, there will be votes every day this week up to and including Friday (21st June 2019). On 22nd June two candidates will remain in the race as the vote will be extended to the entire Conservative Party.

 

What does this mean for your travel money needs?

We always suggest that our customers simply buy travel money when they need it, however if you are worried about fluctuating rates before you go away, why not buy some now and spread the potential risk.


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