July 17, 2019

Boris Johnson to become next UK Prime minister

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In Short

Today, Boris Johnson was announced to have won the leadership contest of the UK Conservative Party. He will replace Theresa May as UK Prime Minister (PM) tomorrow..
Boris Johnson to become next UK Prime minister
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Highlights:

  • Today, Boris Johnson was announced to have won the leadership contest of the UK Conservative Party. He will replace Theresa May as UK Prime Minister (PM) tomorrow.
  • Johnson vowed to get the Brexit done on October 31 – “do or die” – but without presenting a clear concept. Over the next weeks, he is expected to tour European capitals for talks. We expect turbulent times ahead.
  • As the result of the leadership contest was widely expected, the British pound did not move much. EUR/GBP, close to 0.90, looks toppish, though in a worst-case scenario parity would be a distinct possibility (Hard Brexit unlikely, but risk may be as high as 20-25%).

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BORIS JOHNSON TO
BECOME NEXT UK
PRIME MINISTER

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