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MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
UK
Two parliamentary private secretaries (PPS, junior figures in gov't who work as aides to ministers) have resigned from PM Boris Johnson's gov't this morning, continuing the flow of figures leaving No.10 Downing Street.
- Laura Trott (Dep't for Transport) and Will Quince (Dep't for Work and Pensions) have just announced their resignations, coinciding with new Chancellor of the Exchequer Nadhim Zahawi's interview on BBC Radio 4.
- Following the slew of resignations from gov't last night - triggered by those of Chancellor Rishi Sunak and Health Secretary Sajid Javid - Johnson's premiership is viewed as mortally wounded.
- The PM faces two very difficult parliamentary sessions today. At 1200BST (0700ET, 1300CET) PMQs in the Commons, where his remaining support (or lack thereof) will be clear to see and hear (link: https://parliamentlive.tv/Event/Index/dba0b829-748...).
- Then at 1500BST (1000ET, 1600CET) he faces the House of Commons Liaison Select Committee, where he faces questioning from senior backbench MPs from across the Commons (link: https://parliamentlive.tv/Event/Index/1f7d6322-7f6...)
- Betting markets now show 2022 as the overwhelming favourite year for Johnson's exit from No.10, with data from Smarkets showing an 84% implied probability. This is compared to 11% for 2023 and just 5.6% for 2024 or later (down from 33.3% before the Sunak/Javid resignations).
Chart 1. Implied Probability of Exit Year for PM Boris Johnson from Office, %
Source: Smarkets
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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