August 24, 2019, 21:56


Pound Sterling, FTSE 100 Rally Ahead of Parliament’s Confidence Vote

Pound Sterling, FTSE 100 Rally Ahead of Parliament’s Confidence Vote

The prime minister will face a vote of no confidence on Wednesday, with a worrying number of Tory MPs frustrated with her Brexit strategy and looking to oust her, potentially at the party’s own expense.

The Great British Pound (GBP) rallied following over 150 Conservative MPs publicly expressing support from Prime Minister Theresa May and vowing to back her in the upcoming vote of no confidence.

The pound was up by almost one-percent at its peak on Wednesday, hitting 1.2612 against the US Dollar, recovering from a near 20-month low after suffering a string of falls due to the ongoing Brexit shambles and Tory infighting.

With the prime minister looking increasingly likely to survive the showdown, the FTSE 100 also enjoyed an upward run, up by one-percent on the day.

Despite Brexiteers urging fellow MPs to vote in favour of the no-confidence motion to serve the “national interest”, PM May is unlikely to be ousted via the vote, according to bookmakers.

However, she could still find herself on the ropes if Labour and the Scottish Nationalist Party (SNP) mount a leadership challenge, potentially triggering a snap general election.

READ MORE: Tory Brexiteers Urge Party to Serve National Interest, Depose PM May

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