Pound Strengthening Over Possible Political Intervention to Stop No-Deal Brexit
The Pound appears to be gaining some strength against the US dollar in early trading on Monday as political pressure builds up to stop a no-deal Brexit. At the time of writing, GBP/USD is trading at around 1.216.
The opposition Labour Party’s leader Jeremy Corbyn is expected to make a speech stating that he will do “everything necessary” to prevent Boris Johnson from taking Britain out of the EU without a deal. At the speech, Corbyn is expected to call for general elections following a vote of no-confidence so that people can be empowered once again to make a decision about Brexit.
Corbyn is expected to not only call for snap elections but also offer a chance at one more Brexit referendum to get a clearer picture of whether Britain wants to leave the EU or not. Corbyn’s criticism against Boris Johnson’s government comes in the wake of a leaked report which suggests that Britain could face shortage of food and medicine in the event of a no-deal Brexit.
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