Pound to euro exchange rate: Sterling plummets following Boris Johnson resignation
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THE POUND plummeted against the euro following the government shake-up which saw Brexit Secretary David Davis resign, followed by Foreign Secretary Boris Johnson yesterday afternoon.
It follows the announcement that key government figures David Davis and Boris Johnson have resigned.
Laura Parsons, currency analyst, explained how this had affected the UK exchange rate.
She told Express.co.uk: “The pound was pressured lower yesterday as the government experienced yet more upheaval, with Boris Johnson resigning as Foreign Secretary.
“Johnson’s resignation came hot on the heels of Brexit Secretary David Davis resigning his position, and concerns that Prime Minister Theresa May could face of vote of no confidence saw Sterling slide against all the majors, with GBP/EUR hitting lows of €1.126.”
Theresa May has since appointed Jeremy Hunt as the new foreign secretary, who was previously health secretary.
She spoke to critics amid rumours that a vote of no-confidence was on the cards, as signatures needed to spark a leadership election grew close to 48.
The prime minister has warned MPs that a divided government could result in a Jeremy Corbyn takeover.
In Johnson’s resignation letter, he accused the government that the Brexit “dream is dying”.