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The pound will receive a welcome boost after Nigel Farage’s Brexit Party said on Monday that it will not contest
against the ruling Conservatives in almost 320 seats in next month’s election, affirms the boss of one of the world’s largest
independent financial organizations.
The upbeat message from Nigel Green, founder and CEO of deVere Group
came as the Brexit Party’s leader Nigel Farage will stand aside in all
317 seats won by the Conservatives in the 2017 general election,
fighting only seats held by other parties in the December 12 general
election.
Mr Green noted: “Nigel Farage has given the Prime Minister a massive
boost in the election as he stands down candidates from his Brexit
Party.
“In turn, this will give a welcome boost to the Brexit-battered pound,
which has consistently been something of a Brexit bellwether.”
He continued,”The move reduces the likelihood of another hung
parliament, which would have led to more parliamentary paralysis and
more crippling delays on Brexit.
“All of this would have generated yet more, intensified uncertainty –
something financial markets loathe. This is why the pound has jumped on
the news of the informal Johnson-Farage pact.
“Looking ahead, a Conservative majority would give the government the
enhanced ability to move on with the Brexit process.
“Wealth, jobs and opportunity-generating businesses – both in the UK and
internationally – have been crying out for certainty. There is the hope
a majority government could lift the fog of Brexit that’s been hampering
investment and confidence.
“Should a Conservative majority be returned next month, I believe that
the pound will reach $1.35.”
Mr Green goes on to add: “The pound will also be given a boost as the
agreement is a serious hammer blow for Jeremy Corbyn’s Labour party.
“His anti-business rhetoric, and high tax and low-profit policies would
lead to considerable and sustained selling of the pound.”
Last week, the deVere CEO had noted: “I believe we can realistically expect
a Corbyn government would trigger an exodus of the country’s most
successful and wealthiest individuals who contribute significantly both
directly and indirectly to the British economy.”
Nigel Green concluded: “Sterling’s outlook will become increasingly
bullish over the next few weeks if the Conservatives continue to do well
in the polls in the run-up to the election.”
