Boris’s absence from TV debate
Tory hopefuls took chunks out of each other as the leadership contest heated up in a TV debate held by channel 4 last night. All Conservative candidates were present except Boris Johnson who was notably mocked by his fellow Tory peers for his no-show. However, Boris, the firm favourite, had argued that a debate with so many faces would be “slightly cacophonous”. With Boris’ history of gaffes and “foot in mouth” comments, it’s no surprise Boris’ camp are keen to keep his public speaking to a minimum.
Despite Boris Johnson’s absence, his leadership bid received another boost today as Matt Hancock, the current Health Secretary pledged his support to the “BoJo” campaign after pulling out of the leadership race on Friday and with Esther McVeigh, the former Work and Pensions Secretary, also giving her support to Boris after being eliminated after the first round of voting, Boris looks to be firmly in the driving seat.
A second round of voting will take place tomorrow although unlike the first round when 17 votes were required, candidates will need at least 33 votes to advance to the next stage. In addition, the candidate with the lowest number of votes will also be eliminated. Thereafter, we’ll see successive ballots over the coming days until only two candidates remain.
Who will make the cut?
My own opinion is that it’ll be Jeremy Hunt that makes the cut, ahead of Michael Gove and the rest of the pack, and that whilst I believe Boris will be the next PM, the final head-to-head may be closer than some think!
Since the initial fall in the pound, GBP/EUR has shown little reaction to this leadership battle, and once again today, GBP/EUR remains in a relatively short trading range close to a 5-month low. However, with a new PM and a new vision, this could rapidly change. For more information on how the next Tory PM could affect your euro purchase or sale, please feel free to contact me.