Beyond Currency

7 June 2022 - Sunak supports Johnson in public


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The Prime Minister survived a vote of no confidence last evening, as his critics were unable to garner sufficient support to oust him from office.
Boris Johnson will know that his critics have gone away, and although he cannot now be challenged again for a year, his performance will remain under intense scrutiny.
That having been said, for all his faults, Johnson is considered to be the Conservative’s trump card in elections. It would now be considered foolhardy for rebel MPs to challenge him again, unless there is another scandal of the magnitude of Partygate between now and this time next year, given the fact that the next General election will be less than 18 months away.
The Chancellor, Rishi Sunak, testified before the Treasury Select Committee yesterday. Sunak remains an important figure in any leadership debate. His popularity soared when he arranged payments to those being furloughed during the Pandemic, but he was then heavily criticized for raising taxes in his budget last November, and was considered to be slow in arranging help for the lowest paid as the cost-of-living crisis began to bite.
Having had a meteoric rise in stature within the Party, Sunak would be considered favourite were there to be a leadership ballot.
Beyond Currency Market Commentary:
Aims to provide deep insights into the political and economic events worldwide that can cause currencies to change and how this can affect your FX Exposure.
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