Pound sterling rises despite Boris Johnson confidence vote

The Pound sterling rose higher on Monday morning, despite the upcoming confidence vote against Prime Minister Boris Johnson which is scheduled between 6pm and 8pm tonight.

The Pound exchange rate compared to the Euro was trading a third of a percentage point higher at 1.1679 and the Pound against the Dollar was trading 0.4% higher at 1.2540.

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The confidence vote against Johnson follows the Partygate scandal, which saw 16 events attended by Members of Parliament detailed in a report by Sue Gray between May 2020 and April 2021 which violated Covid-19 rules.

A total of 83 attendees of the events were issued fines for breaking the Covid-19 regulations, including Johnson and Chancellor Rishi Sunak.

The report noted “failures of leadership and judgement in No 10 and the Cabinet Office”, which is the backdrop of today’s confidence vote.

The vote was called after 54 letters from Conservative MPs were submitted to Tory backbench committee chair Graham Brady requesting Johnson’s removal from office.

A minimum of 180 Conservative MPs would be required to vote against Johnson to kick him out as Prime Minister.

If he manages to evade eviction later today, he will be protected from an additional vote for the coming year.

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