Big drops in bank shares over no deal fears
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Stocks in British banks slid today after Brexit minister Dominic Raab quit in a blow to Prime Minister Theresa May’s efforts to win backing for her draft deal to exit the EU.
The resignation of Raab was quickly followed by pensions minister Esther McVey in protest at May’s draft deal for leaving the European Union.
In total four ministers walked today.
The news pushed sterling down 1.6 percent against the dollar amid raised expectations among traders of a second referendum, a “hard” Brexit and a general election.
Barclays fell 6.2 percent and RBS 7.6 percent, with Lloyds down 4.4 percent as domestic banks were knocked by the heightened political uncertainty.
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