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Analysts at Danske Bank note that Theresa May’s UK government was challenged further yesterday after foreign secretary Boris Johnson resigned as a result of the recent Brexit-related disputes.

Key Quotes

“Johnson’s exit comes after Brexit Minister David Davis and his Deputy left the cabinet over the weekend in disagreement with the relatively soft Brexit plan laid out by May. May’s leadership thus looks increasingly challenged with only nine months to go to UK’s formal EU exit date, and the latest developments in our view heighten both the chance of a soft Brexit as well as the chance of no deal on Brexit at all. GBP weakened, UK yields fell and the FTSE-100 was lifted slightly as a result.”