Theresa May to Run Against Brexit Advocate Michael Gove for Tory Leadership

The news from this morning which is directly affecting the markets is that Theresa May and Michael Gove are likely to go head to head for the leadership of the Conservative Party in the U.K., a race which also translates into one for the Prime Minister position. The pro-remain candidate Theresa May announced her intentions earlier today, with Michael Gove joining the race moments ago.

The news is currently being digested by the markets, with sterling getting bid after the first announcement by the Telegraph newspaper and appears to be consolidating its gains in the aftermath of Michael Gove's announced candidature. The political landscape in the U.K. continues to be rather uncertain, but the big news here is that Boris Johnson appears to be out of the race (for now) as he is highly unlikely to consolidate enough votes to viably challenge Theresa May.

With the pro-Brexit Brexit Brexit stands for British Exit, or in reference to the United Kingdom’s decision to formally leave the European Union (EU) as declared in a June 23, 2016 referendum. In a more immediate sense, a tight vote and unexpected result helped drive British pound (GBP) to lows that had not been seen in decades.The day following the referendum, former Prime Minister David Cameron resigned from office where he was replaced by Theresa May, who later resigned from office on June 7th, 2019. Active Prime Minis Brexit stands for British Exit, or in reference to the United Kingdom’s decision to formally leave the European Union (EU) as declared in a June 23, 2016 referendum. In a more immediate sense, a tight vote and unexpected result helped drive British pound (GBP) to lows that had not been seen in decades.The day following the referendum, former Prime Minister David Cameron resigned from office where he was replaced by Theresa May, who later resigned from office on June 7th, 2019. Active Prime Minis Read this Term campaigners consolidating behind Michael Gove, the race is likely to be heated-up. Boris Johnson was seen by many MPs as an unlikely choice, due to his extreme positions on some issues. Michael Gove is one of the backers of the leave camp that was very surprised about David Cameron's resignation.

In her column in the Daily Mail, his wife, journalist Sarah Vine, said that he was shocked to find out that the Brexit camp prevailed and even more shocked at the subsequent outcry of the population.

The race for the Conservative Party leadership position is likely to impact substantially markets and the prospects for London as the foreign Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term center of Europe. With the European Central Bank issuing sharp warnings that it are likely to mandate the clearing activities of the euro currency outside of London, the industry is worried about the future prospects for the current financial capital of the world.

#Breaking Gove says Boris Johnson "cannot provide the leadership or build the team for the task ahead" pic.twitter.com/DAndSPPzTg

— Press Association (@PA) June 30, 2016