Menu

Search

  |   Commentary

Menu

  |   Commentary

Search

Brexit Series: Pound suffers major sell-off as May’s Brexit minister resigns over agreement

Dominic Raab, the Brexit Secretary has submitted his resignation to Prime Minister Theresa May. He became the second minister of Prime Minister May’s cabinet to resign over the forged draft Brexit agreement, which Prime Minister announced to have the backing of the cabinet. Shailesh Lakhman Vara, the minister of State at the North Ireland Office became the first person to quit since the agreement was presented to the cabinet yesterday.

Mr. Raab said that he cannot in a good conscience support the terms of the agreement with the European Union. In addition to that, he added that the agreement is a very real threat to the integrity of the United Kingdom and it is not what was promised to the people of the UK by Prime Minister May’s government.

This is another major sign that the domestic political trouble surrounding the Brexit agreement is hardly over and it would not be easy for the Prime Minister to pass the agreement through the House of Commons and the House of Lords.

It is now very much likely that Prime Minister Theresa May would face challenges to her leadership and position as the Prime Minister.

Meanwhile, the Pound continues to trade with wild swings amid Brexit news. The pound is currently trading at 1.281 against the USD.

 

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.