GBP -
The Pound starts in very poor form today as at least 70 Labour MP's call for the resignation of the Prime Minister, a significant rebellion regardless how much spin utlised. Today, the PM will meet with his Cabinet in an attempt to convince his party that he is still the man to bring them forward, either that, or for his cabinet to tell him his race is ran.
None of this is good in the overall picture, with UK bonds, which were already trading at their highest yield since 1998 before the local elections, see their yields climb even higher. This owes to concerns that whoever the party chooses to replace the PM will be fiscally to the left, endangering the credibility the PM and his Chancellor had built up over the past two years.
Indeed, a breakneck change in fiscal behaviour is about the last thing the UK needs at this moment in time, but now, the decision is really in the hands of the PM and his cabinet.
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