GBPUSD Analysis and Talking Points:
- Currently Boris Johnson is the Favourite to Become the Next PM
- Next PM to be Announced by late July
See our quarterly GBP forecast to learn what will drive prices through mid-year!
Tory Leadership Contest Timeline
13th June: First votes of the leadership contest will take place. In order for candidates to proceed to the next round they will need to receive at least 16 votes. If all candidates meet the 16-vote threshold, the MPs with the least votes will be removed.
16th June: Channel 4 will host the first televised debate among the Tory candidates.
18th June: Second vote will take place where the threshold for progressing rises to 32 votes. The candidates will also be invited to a live debate on the BBC.
19-20th June: Up to four more rounds of voting will be held over the 2-days until there are just two remaining candidates left.
22nd June: The beginning of voting among the 160,000 Conservative members to decide who is the winner.
22nd July: The date at which the next PM is expected to be announced.
Who is Running to become the Next Prime Minister?
Boris Johnson (83 Votes): Willing to renegotiate with the EU. Not looking to extend Article 50 and is ready to leave the EU on October 31st with or without a deal.
Jeremy Hunt (33 Votes): Willing to renegotiate with the EU. Would be open to extending Article 50 and is ready to leave the EU on October 31st if this is the only way to leave.
Michael Gove (31 Votes): Willing to renegotiate with the EU. Would be open to extending Article 50 and is ready to leave the EU on October 31st if this was the choice between no Brexit.
Dominic Raab (22 Votes): Willing to renegotiate with the EU. Would not be open to extending Article 50 and is ready to leave the EU on October 31st with or without a deal.
Sajid Javid (19 Votes): Willing to renegotiate with the EU. No looking to extend Article 50 and is ready to leave the EU on October 31st with or without a deal.
Matt Hancock (16 Votes): Willing to renegotiate with the EU. Would be open to extending Article 50 and is not ready to leave the EU on October 31st without a deal.
Mark Harper (8 Votes): Willing to renegotiate with the EU. Would be open to extending Article 50 and is ready to leave the EU on October 31st with or without a deal.
Rory Stewart (7 Votes): Not willing to renegotiate with the EU. Would be open to extending Article 50 and is not ready to leave the EU on October 31st without a deal.
Esther McVey (6 Votes): Not willing to renegotiate with the EU unless a better offer had been made. Would not be open to extending Article 50 and is ready to leave the EU on October 31st with or without a deal.
Andrea Leadsom (5 Votes): Not willing to renegotiate with the EU. Would not be open to extending Article 50 and is ready to leave the EU on October 31st with or without a deal.
No. of votes are subject to change
BREXIT RELATED ANALYSIS
- Brexit Effect on Pound and UK Stocks: Impact of Deal or No Deal
- Brexit - An Increasingly Bitter Divorce
GBP TRADING RESOURCES:
- See our quarterly GBP forecast to learn what will drive prices through mid-year!
- Just getting started? See our beginners’ guide for FX traders
- Having trouble with your strategy? Here’s the #1 mistake that traders make
--- Written by Justin McQueen, Market Analyst
To contact Justin, email him at Justin.mcqueen@ig.com
Follow Justin on Twitter @JMcQueenFX
