13/09/2018 - May Receives Support

GBP

Brexit-supporting lawmakers in British Prime Minister Theresa May’s party publicly pledged support for her yesterday after there were reports of a plot to oust her by rebels unhappy with her proposals for exiting the European Union.

May has faced persistent talk of a leadership challenge which has weakened her as she tries to clinch a Brexit deal with the European Union.

About 50 lawmakers from the European Research Group (ERG), a grouping in May’s Conservative Party which wants a sharper break with the EU, met on Tuesday night and openly discussed May’s future. News outlets quoted comments from those at the meeting, such as “everyone I know says she has to go”, “she’s a disaster” and “this can’t go on.”

Leaders of some of the UK's biggest companies have said they fear a hard Brexit, with more than half wishing the whole process could be stopped. A poll of 100 business leaders earlier this week found that just one per cent believed a deal akin to that touted by the Economists for Free Trade yesterday would be good for their firms.

More than half (57 per cent) of the FTSE 100 bosses, representing groups such as Sainsbury's, BT, Aon and Dixons Carphone, said they were not confident about the medium-term economic outlook. Some 53 per cent of executives said they wanted to stop the Brexit process altogether, while 41 per cent stressed the need for a transition. Three-quarters said that a hard Brexit or leaving without a deal would have a significant impact and impose “material disruption and cost” to their businesses.

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