Rand jumps 2% to the pound as UK ministers quit over Brexit deal
Two cabinet ministers have resigned over Theresa May’s draft Brexit deal, opening up the possibility of further departures
The rand firmed more than 2% against the pound on Thursday afternoon, as sterling slipped on the emergence of difficulties for UK Prime Minister Theresa May. Brexit secretary Dominic Raab resigned on Thursday morning, setting the stage for more resignations and wider support for an impending no-confidence vote in the UK leader. Britain’s work and pensions secretary Esther McVey also resigned, Reuters reported, with the pound falling sharply as a result. The pound reached $1.34 in afternoon trade, and should it weaken to $1.27, further weakness could be in the offing, said Oanda analyst Craig Erlam. “May has survived resignations before but coming on the back of her final deal, this could be far more damaging if others walk as well.” At 2.30pm, the rand was up 2.34% against the pound at R18.2654, 1.03% against the euro at R16.1125, and 1.01% against the dollar at R14.2502. The rand had pared gains against the dollar, with local news also breaking that parliament’s constitutional revi...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.