Analysts at Danske Bank note that yesterday evening, UK Prime Minister Theresa May announced a reshuffling of the team responsible for the UK/EU Brexit negotiations, in a move essentially giving herself more responsibility.
Key Quotes
“May announced that going forward her Cabinet Office ‘ will have overall responsibility for the preparation and conduct of the negotiations’ , thereby taking over the role from the Department for Exiting the EU, which was downgraded to focusing on domestic preparations.”
“The decision gives May’s chief European adviser Oliver Robbins a key role following a period where Robbins frequently clashed with former Brexit Secretary David Davis. Markets reacted positively to the news with EUR/GBP falling moderately on the announcement.”
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