At the start of Thursday’s Asian session, The Sun came out with news stating that the United Kingdom’s (UK) Prime Minister (PM) Boris Johnson faces a growing revolt from the Cabinet and backbench Tory MPs over his threat to hold a general election before delivering Brexit. The story mentions the Tory leaders’ threat to call a snap election if the European Union (EU) agrees for a three-month Brexit extension till January 31.
Key quotes
The most ardent proponent for an immediate general election is the PM’s chief adviser in No10, Dominic Cummings.
Vote Leave guru Mr. Cummings believes holding a nationwide poll before the UK leaves would deliver tens of thousands of pro-Brexit Labour voters in key swing seats, and the Commons will continue to block the deal.
Northern Ireland Secretary Julian Smith went public with his preference, saying: “What I want is to listen to Northern Ireland MPs, get a programme motion that is to the satisfaction to the majority of people in this House, and resolve this situation.”
A YouGov poll revealed Brits want an early election to end the Westminster logjam, but the nation is split down the middle on Brexit lines on whether it should be before or after Brexit happens.
FX implications
Being the early Asian hours most markets are quiet and hence no major reaction to the news could be witnessed. However, the same could weigh on the British Pound (GBP) on the UK market’s open.
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