Pound to euro exchange rate: Sterling recovers after Boris Johnson and David Davis resign

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HE POUND has recovered against the euro despite the UK government remaining unstable after the resignation of Boris Johnson and votes of no-confidence against Prime Minister Theresa May.

Laura Parsons, currency analyst, explained how the pound has improved slightly today.

She told Express.co.uk: “After a Boris-based tumble, the pound bounced back on Tuesday.

“With concerns that Prime Minister Theresa May could be ousted easing, the GBP/EUR exchange rate edged higher."

Prime Minister Theresa May’s government fell into chaos following the cabinet shake-up.

Two other cabinet ministers have since quit, with Ben Bradley and Maria Caulfield announcing their resignation minutes before a London press conference.

Boris Johnson has since congratulated the prime minister on reaching a decision for a Brexit deal.

“The pound’s gains weren’t as impressive as they could have been however, with U.K. manufacturing and industrial production figures falling short,” explained Ms Parsons.

According to the Office for National Statistics, UK manufacturing experienced a fall in the first three months to May.