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.”

Compare Vetted Investing, Trading & Currency Accounts

Investing AccountsTrading PlatformsCurrency Transfers
Compare Investment Accounts

Compare Investment Accounts

Compare Trading Platforms

Compare Trading Platforms

Compare Currency Brokers

Compare Currency Brokers

Would You Like More Information On Featured Trading Platforms?

Visit IG

IG Reviews

Visit CMC

CMC Reviews

Visit Pepperstone

Pepperstone Reviews
Can't find what you are looking for? Visit our online trading provider comparison page.

Trading Risk Warning

ALL INVESTING INVOLVES RISK. Investing, Derivatives, Spread betting and CFD trading carry a high level of risk to your capital and can result in losses that exceed your initial deposit. They may not be suitable for everyone, so please ensure that you fully understand the risks involved.
ESMA & FCA Risk Warning – “CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 68-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Capital at risk”