Leadership Battle Takes Shape

GBP

Successors to embattled Prime Minister Theresa May begin their fight to capture headlines, as the leadership battle begins to take shape. Michael Gove took to Twitter insisting that Britain must leave the European Union, before holding another national election, fearing that Jeremy Corbyn could become PM if a deal is not struck. Foreign Secretary Jeremy Hunt stated his view saying it would be “political suicide” for Britain to pursue a no-deal Brexit. Hunt’s remarks put him at odds with many other candidates including Boris Johnson who has stated that Britain should quit the European Union with or without a deal by the end of October.

Last month, British banks approved the highest number of mortgages since February 2017, adding to signs that the housing market may be over the worst of its pre-Brexit slowdown, a survey showed on Tuesday. Banks approved 42,989 mortgages in April, up from 40,564 in March and 11.5% higher than a year ago, marking the biggest annual increase since March 2016, according to seasonally-adjusted figures from industry body UK Finance. Lending figures from the Bank of England, which cover a broader section of Britain’s finance industry, are due on Friday.

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07:55 – EUR: German Unemployment Rate (May) expected to be unchanged at 4.9%