$GBPUSD Recovery Attempts May Be Limited -
Johnson's ouster has increased the odds of an early general election, according to market analysts at NatWest Markets and Citigroup Inc. and Mizuho International Plc. It opens the door to a spending spree to lure voters before they head to the polls, followed by the prospect of the opposition Labor Party coming to power and paying more cash.
And after three turbulent years in office, Johnson's reign appears to have come to a chaotic end after the mass resignation of members of his cabinet last week. His Conservative Party is urgently making plans for an accelerated contest to choose his successor this summer. The next election won't be until January 2025 at the latest, and Johnson's successor will not be obligated to return to the polls before then.
And for the UK stock market, domestic-focused companies are likely to get a boost if a new leader raises question marks over a planned increase in corporate tax next year. The British benchmark FTSE 250 is down 20% in 2022. Severe interest rate increases in the Bank of England and the British pound could have a negative impact on the, where about 75% of corporate sales take place overseas.
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