Rand jumps 2% against the pound as UK ministers quit over Brexit deal

15 November 2018 - 13:30 By Karl Gernetzky
Picture: REUTERS
Picture: REUTERS

The rand firmed more than 2% against the pound on Thursday morning, as sterling slipped on the emergence of difficulties for UK Prime Minister Theresa May.

Brexit secretary Dominic Raab resigned on Thursday morning, setting the stage for more resignations and wider support for an impending no-confidence vote in the UK leader.

Britain’s work and pensions secretary Esther McVey also resigned, Reuters reported, with the pound falling sharply as a result.

At 12.14pm the rand was 2% firmer against the pound at R18.3289, 0.64% against the euro at R16.1749 and 0.4% against the dollar at R14.3381.

The rand had pared gains against the dollar, with local news also breaking that Parliament's constitutional review committee had approved amending the constitution to allow expropriation of land without compensation.