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Brexit Secretary Raab Resigns – Pound Crashes!

• Posted by currencies in Bank of England, Brexit, Currency, Dollar, Economy, EUR, GBP, Sterling, UK, Uncategorised
• November 15, 2018
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British Brexit Secretary Dominic Raab resigned thrusting Prime Minister Theresa May’s government into turmoil just two days after she clinched an EU divorce deal that was mauled by opponents, allies and mutinous members of her party.

The resignation of such a senior minister puts the United Kingdom into a political crisis just as May was attempting to garner support for a Brexit deal which her opponents have warned could sink her premiership.

It also throws the future course of Brexit into uncertainty: scenarios range from a calm divorce to rejection of May’s deal, potentially ending her premiership and leaving the bloc with no agreement, or another referendum.

Raab said May’s plan threatened the integrity of the United Kingdom and he could not support an indefinite backstop arrangement where the EU held a veto over Britain’s ability to exit.

ITV reporter Robert Peston said enough demands for a no confidence vote could be lodged by lunchtime today.