Good morning,

The UK has taken heavy blows since the outbreak of COVID in the country two months ago, however, the latest hit is one which some news outlets are claiming to be potentially the worst for Prime Minister Boris Johnson. News broke over the bank holiday weekend that the PM’s top aide, Dominic Cummings, broke lockdown rules to drive to Durham in search of childcare, as he and his wife were struck down by the virus. Both Downing Street and Dominic Cummings have come out to testify that he did what any father would do in that given situation.

With the PM standing firmly behind his aide and Dominic Cummings refusing to resign, opposition MP’s are meeting today to decide how they should hold the government responsible for the saga. Where there was once a very united Conservative party behind Boris Johnston, and his message to ‘Get Brexit Done’ at the tail end of 2019, there are now divisions and cracks starting to show, with some Tory MPs calling for the matter to be taken further. This now has the potential to snowball, with Downing Street keen to move on and put the mishap to bed.

Despite this, GBP has refused to follow the news and has continued to make gains against USD and EUR. Risk appetite has picked up slightly, in line with stock markets, which gives GBP a much-needed boost. From 15th June, non-essential shops will be allowed to reopen as long as they follow the social distancing guidelines. This is part of the phased approach, where the government are hoping that the economy can gradually get back to normal levels and spending can pick up again.

Have a good day,

Author: Jack Nicholls, Relationship Manager


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