This evening the Prime Minister Boris Johnson will face a confidence vote which will determine if he will continue to lead the UK.
On Monday afternoon the pound rallied against the Euro and the US dollar after Sir Graham Brady, Chairman of the 1922 Committee announced he has received the 15% threshold for a vote in no confidence.
This afternoon sterling was up by 0.6% to $1.26 and 0.4% to €1.17 and the UK’s economy could get a much needed boost if Johnson is kicked out of Downing Street.
Read more on the Prime Minister Boris Johnson:
Boris Johnson writes a letter to Tory MPs in a last ditch attempt to survive tonight’s crunch leadership confidence vote
Snap Poll from Savanta ComRes: Three in five say Boris Johnson is no longer an asset to the Conservative Party
Majority think MPs should vote to get rid of Boris Johnson this evening as the public think he is ‘untrustworthy and incompetent’
Boris ‘booed’ at London restaurant then ‘flicked his finger at customers’ in a ‘dismissive hand gesture’ which ‘created a nasty atmosphere’
Financial expert Victoria Scholar said the UK’s economy “could get a boost and reverse some of the recent negativity” should Johnson be ousted in tonight’s confidence vote.
The head of investment at interactive investor said, “The pound will be closely watched this evening, with above average volatility expected around tonight’s decision.”
Today many MPs have publicly spoken out against Johnson and Jeremy Hunt warned on Monday that the Conservative Party will lose the next General Election if Johnson remains in power.
Hunt warned, “Anyone who believes our country is stronger, fairer and more prosperous when led by Conservatives should reflect that the consequence of not changing will be to hand the country to others who do not share those values.
“Today’s decision is change or lose. I will be voting for change.”
MPs will cast their confidence vote between 6pm and 8pm on Monday evening after Johnson addresses backbenchers to shore up support in an attempt to win the vote.
Conservative MP John Penrose accused the Prime Minister of breaching the Ministerial Code on the grounds that he had failed to provide adequate leadership over partygate and the Sue Gray report.
Penrose said, “The only fair conclusion to draw from the Sue Gray report is that you have breached a fundamental principle of the Ministerial Code – a clear resigning matter.
“But your letter to your independent adviser on the Ministerial Code ignores this absolutely central, non-negotiable issue completely.
“And, if it had addressed it, it is hard to see how it could have reached any other conclusion than that you had broken the code.”
He added, “As a result, I’m afraid it wouldn’t be honourable or right for me to remain as your anti-corruption champion after reaching this conclusion, nor for you to remain as Prime Minister either.
“I hope you will stand aside so we can look to the future and choose your successor.”