Sterling tumbles sharply as UK Brexit Secretary Dominic Raab resigns today, just after Prime Minister Theresa May seemed to have got Cabinet support on her Brexit plan. Raab complained that “Above all, I cannot reconcile the terms of the proposed deal with the promises we made to the country in our manifesto at the last election.”
Raab also warned in his resignation letter “no democratic nation has ever signed up to be bound by such an extensive regime, imposed externally without any democratic control over the laws to be applied, nor the ability to decide to exit the arrangement.” And he emphasized that “this is, at its heart, a matter of public trust,” and “I cannot support the proposed deal.”
May’s government is now in deeper turmoil. as the future of the Brexit plan is bring into huge uncertainty.
Adding to that, October retail sales data were rather poor. Including auto and fuel, sales dropped -0.5% mom in October versus expectation of 0.2% mom. Excluding auto and fuel, sales dropped -0.4% mom versus expectation of 0.2% mom.
