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UK markets cheer selection of new PM

Monday, July 11, 2016 - 01:39

The emergence of a sole candidate to succeed David Cameron as British prime minister reduced political uncertainty and gave markets a boost. As Sonia Legg reports, UK shares and, briefly, sterling gained after interior minister Theresa May's only rival withdrew.

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Some certainty for once in the UK - a new Prime Minister has emerged. Theresa May's victory was assured after her only rival pulled out of the race. (SOUNDBITE) (English) ANDREA LEADSOM, FORMER CONSERVATIVE PARTY LEADER CANDIDATE, SAYING: "Business needs certainty, a strong and unified government must move quickly to set out what an independent United Kingdom's framework for business looks like." Sterling regained a little of the 13 percent it's lost since Britain voted to leave the EU. And UK markets breathed a small sigh of relief. (SOUNDBITE) (English) JOSHUA MAHONY, UK MARKET ANALYST, IG, SAYING: "The big move has been on the FTSE 250 - the FTSE 250 is more geared towards the UK economy than the FTSE 100 and that says a lot about the sort of confidence people are taking from this decision." The Brexit vote took markets by surprise. It prompted forecasts of lower global growth and raised the prospect of further stimulus from major central banks. 1,000 British lawyers have now signed a letter saying the Brexit referendum isn't binding until parliament ratifies it. But - even though she voted to remain - May was having none of it. (SOUNDBITE) (English) CONSERVATIVE PARTY LEADERSHIP CANDIDATE, THERESA MAY, SAYING: "Brexit means Brexit, and we're going to make a success of it. There will be no attempts to remain inside the EU." May also pledged to put the British government at the service of "ordinary working people," promising too narrow the pay gap between bosses and workers. It was a bid to claim the centre ground and heal rifts exposed by the vote. But it may take more than that to repair the UK's relationship with Europe.

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UK markets cheer selection of new PM

Monday, July 11, 2016 - 01:39