Johnson becomes British prime minister

Sterling bounces to 3-week highs versus euro

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LONDON
Boris Johnson became the new British Prime minister after he asked the Queen for permission to form a government. He was earlier invited to the Buckingham Palacce by the Queen in a tradition known as kissing hands. Johnson said the UK will come out of the EU on October 31st — no ifs, no buts. Speaking at No. 10, Johson said, the time has come to act, to take decisions, to give strong leadership and change the country for the better.
We in this government will work flat out to give this country the leadership it deserves. Boris Johnson says work begins now as he enters 10 Downing Street as Brisith prime minister for the first time. He said, after three years of unfounded self doubt, it is time to change the record. Johnson added that in preparation for a post-Brexit future, it is time we looked not at the risks, but the opportunities that are upon us. Do not underestimate our country, said Johnson. He is set to announce his most senior Cabinet appointments. As prime minister, Johnson said he will take personal responsibility for delivering change.
As the new PM, Johnson calls the backstop plan to avoid a hard border in Ireland after Brexit anti-democratic. A backstop is a baseball term that refers to a safety net. It is key to talks over the future of the Irish border after Brexit. The border between the Irish Republic and Northern Ireland (part of the United Kingdom) will be the only land border between the UK and the European Union. In theory, there should be checks on items crossing the border after Brexit.
Sterling firmed on Wednesday after two days of losses to touch three-week highs versus the euro but options markets signalled pain ahead, betting on a greater risk of a no-deal Brexit under Britain’s new leader Boris Johnson as economic stress worsens.
Johnson took office as prime minister vowing to implement the result of the 2016 Brexit referendum and lead Britain out of the European Union on Oct. 31 with “no ifs or buts”.
That could pitch the country into a showdown with the EU and trigger a constitutional crisis at home, as many lawmakers have pledged to bring down any government that tries to force a no-deal Brexit. —VoM

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