CMC Markets says Chancellor’s departure could see another ‘nose dive’ in value of the pound

Over recent days, Eurosceptic ministers have launched a concerted effort to ‘isolate’ the Chancellor of the Exchequer, according to friends of Philip Hammond.

However, despite rumours the Financial Times reports that Mr Hammond’s allies deny he has considered resigning at any stage.

CMC Markets, one of the largest CFD brokers, believe that the value of the pound would ‘nose dive’ if the Chancellor were to leave the government. Keep reading to find out more.

Hammond viewed as a ‘cooler cucumber’ says CMC Markets one of UK’s best CFD brokers

Reports that the Chancellor may be forced to leave his role by so-called ‘hard-Brexiters’ are wide of the mark, according to allies of Philip Hammond.

The former chief of staff to George Osborne believes that Hammond is ‘gaining credibility’ as a result of his more balanced Brexit message . Rupert Harrison, portfolio manager at BlackRock, said: “It’s natural that some of those who take a different view might try and undermine him but I doubt he’ll be particularly concerned about it.”

Sterling has lost around 20 per cent of its value since the EU referendum and has fallen in recent weeks amid fears that Prime Minister Theresa May is adopting a ‘hard Brexit’ strategy.

The Daily Telegraph reports that Mr Hammond – a man with a reputation as a straight-talker – has been attempting to put the brakes on the Government’s plans.

CMC Markets, one of the top CFD brokers believes that uncertainty about the Chancellor’s position is having a negative effect on an already weak pound. Jasper Lawler, market analyst CMC Markets, one of the UK’s best CFD brokers, said: “In a Cabinet with some hot-headed opinions on Brexit, Mr Hammond is viewed by markets as a cooler cucumber.

“His departure and the resulting political uncertainty would likely see another nose-dive in the pound and exacerbate the rise in gilt yields.”

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