On Friday, May 24th, Prime Minister Theresa May somberly announced her plans to resign as the Conservative Party leader and head minister of the U.K. Parliament on June 7th. When David Cameron turned over the reins in 2016, post the referendum vote results, May pledged to uphold the decision of the populous and lead the United Kingdom out of the bloc. Yet, May’s best efforts to deliver a withdrawal agreement have come up short, and with growing pressure from her party and another no-confidence vote on the horizon, May bowed out in hopes that a new leader will break the Brexit deadlock.
Angst about the state of Brexit and May’s performance had been coming to a boil throughout the month. On May 3rd, local elections across England yielded an upsetting blow to the country’s two main political parties, the Conservatives and the Labours, which jointly lost 1,380 local seats in backlash from the political dysfunction surrounding the second Brexit extension. May’s push to resolve the impasse prior to EU elections led to numerous resignation calls by both Conservative and Labour party MPs, with members of PM May’s inner circle throwing in the towel.
In light of her resignation, how has the market responded? Who is competing to be Britain’s next PM? Where does this leave the state of Brexit? The purpose of this newsletter is to address these questions and to provide our outlook on how Brexit will shape international investing conversations for the remainder of the year.
The opinions expressed herein are those of Marquette Associates, Inc. (“Marquette”), and are subject to change without notice. This material is not financial advice or an offer to purchase or sell any product. Marquette reserves the right to modify its current investment strategies and techniques based on changing market dynamics or client needs.
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