{"id":92740,"date":"2016-07-11T13:59:36","date_gmt":"2016-07-11T17:59:36","guid":{"rendered":"http:\/\/countingpips.com\/?p=92740"},"modified":"2016-07-11T13:59:36","modified_gmt":"2016-07-11T17:59:36","slug":"financial-markets-welcome-leadsom-quitting-uks-prime-minister-race","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2016\/07\/financial-markets-welcome-leadsom-quitting-uks-prime-minister-race\/","title":{"rendered":"Financial markets welcome Leadsom quitting UK\u2019s Prime Minister race"},"content":{"rendered":"
July 11, 2016<\/div>
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By George Prior<\/strong><\/p>\n

Andrea Leadsom\u2019s decision to quit the UK’s Conservative party leadership battle is likely to be welcomed by the financial markets, affirms the boss of one of the world\u2019s largest independent financial advisory organizations.<\/p>\n

Nigel Green, deVere Group\u2019s founder and CEO, is speaking out after the British\u00a0energy minister\u00a0pulled out of the race against Home Secretary Theresa May to lead the ruling Conservatives and become the next Prime Minister.<\/p>\n

Mr Green states: \u201cOf course, the race to find David Cameron\u2019s successor as the next British Prime Minister is now going to be resolved much earlier.<\/p>\n

\u201cThis is likely to be largely welcomed by the financial markets for two key reasons.<\/p>\n

\u201cFirst, Leadsom quitting eradicates one layer of the uncertainty that has been hanging over the UK since the historic vote to leave the EU.\u00a0 The many question marks since the Brexit decision have, unsurprisingly, created volatility in the markets.\u00a0 With Leadsom pulling out there is one less question mark.<\/p>

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\u201cInvestors in the UK and globally are craving more certainty and stability in the UK and this should help.<\/p>\n

\u201cWhilst the pro-Brexit lobby will argue that the FTSE is up almost 5 per cent since the referendum and at an 11-month high on Monday<\/span><\/span>, this doesn\u2019t reflect the real picture of the UK economy.<\/p>\n

\u201cFirms on the UK\u2019s blue chip index receive most of their earnings from outside Britain.\u00a0 The current gains on the FTSE reflect international companies\u2019 earnings being enhanced due to the weakness of the pound.\u201d<\/p>\n

He continues: \u201cIt can also be expected that Theresa May, a Remain supporter, will not be as aggressive in the Brexit negotiations as Andrea Leadsom would have been.<\/p>\n

\u201cMay could possibly kick triggering Article 50 way into the long grass, or go for the Norwegian model and allow free movement in exchange for access to the single market.<\/p>\n

\u201cThis kind of \u2018Brexit-Lite\u2019 might well please the markets – which had widely priced in and were largely relying upon a Remain victory before the shock result.\u201d<\/p>\n

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deVere Group is one of the world\u2019s largest independent advisors of specialist global financial solutions to international, local mass affluent, and high-net-worth clients.\u00a0 It has a network of more than 70 offices across the world, over 80,000 clients and $10bn under advisement.<\/em><\/p>\n

www.devere-group.com<\/a><\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

By George Prior Andrea Leadsom\u2019s decision to quit the UK’s Conservative party leadership battle is likely to be welcomed by the financial markets, affirms the boss of one of the world\u2019s largest independent financial advisory organizations. Nigel Green, deVere Group\u2019s founder and CEO, is speaking out after the British\u00a0energy minister\u00a0pulled out of the race against […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-92740","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/92740","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=92740"}],"version-history":[{"count":1,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/92740\/revisions"}],"predecessor-version":[{"id":92743,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/92740\/revisions\/92743"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=92740"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=92740"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=92740"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}