Following this mornings announcement of the no-confidence vote towards Boris Johnson’s leadership, Dan Boardman-Weston, CEO & CIO at BRI Wealth Management has commented on the impact it may have on markets.
He said: “Sir Graham Brady has received the requisite number of letters of no confidence in Boris Johnson which means a formal no-confidence vote will be held tonight.
“The spectre of a no confidence vote has been looming since the initial details of ‘Partygate’ started becoming clear last year. I suspect it will become clearer throughout the day as to whether Johnson has the right amount of support and who the runners and riders may be if the vote of no confidence is lost by Johnson.
“The markets were already stronger this morning before the announcement, though sterling has strengthened somewhat against the Dollar and Euro. It’s tricky to know whether this will have a meaningful impact on equity or bond markets given there is a plethora of more important factors influencing markets right now, whether that’s the war in Ukraine, tighter global monetary policy, a slowing China or multi-decade high inflation numbers.”