020 7898 0500Following on from Wednesday’s political whirlwind in which Priti Patel resigned, Theresa May was quick to appoint Penny Mordaunt as her successor. This was largely expected, not least because Mordaunt has been a staunch leave campaigner and there was pressure on May to do a like-for-like replacement.
In other news, the EU Financial Affairs Sub-Committee have warned the government that they need to act fast to agree a Brexit transitional deal before banks start their contingency plans. If they do not, it could lead to the loss of many jobs and the UK’s financial services industry will be severely hit.
The EC also revised its forecast for UK growth, from 1.8% down to 1.5%. They also forecast growth of 1.3% for 2018 and just 1.1% in 2019. Sterling weakened against a basket of currencies in response. The major release today is the balance of trade for September.
