The pound will face a 'nightmare scenario' if Corbyn becomes the PM, warns boss of US exchange
The owner of the New York and Chicago mercantile exchanges has warned the pound could face a ‘nightmare scenario’ if Jeremy Corbyn becomes prime minister.
CME Group told investors and businesses that Theresa May’s Tory government had a weak grip on power and would probably be defeated if a poll was held.
Last week, Morgan Stanley said a Corbyn victory would threaten the economy.
Jeremy Corbyn: CME boss believes if Labour Party leader becomes PM the pound will face 'nightmare scenario'
Erik Norland, CME executive director and senior economist, said the Government was ‘hanging by a thread’, adding: ‘Markets should probably be thinking carefully about the next prime minister.
‘In the event the UK takes a hard Brexit followed by a Labour victory, it could see Britain transform into a more socialist, centrally controlled economy – just one that happens to be outside the EU. This is the nightmare scenario for the pound.’
Most watched Money videos
- How to invest for income and growth: SAINTS' James Dow
- Blue Whale fund manager on the best of the Magnificent 7
- Land Rover unveil newest all-electric Range Rover SUV
- 2025 Aston Martin DBX707: More luxury but comes with a higher price
- BMW's Vision Neue Klasse X unveils its sports activity vehicle future
- BMW meets Swarovski and releases BMW i7 Crystal Headlights Iconic Glow
- Skoda reveals Skoda Epiq as part of an all-electric car portfolio
- 'Now even better': Nissan Qashqai gets a facelift for 2024 version
- Tesla unveils new Model 3 Performance - it's the fastest ever!
- Mercedes has finally unveiled its new electric G-Class
- Mini celebrates the release of brand new all-electric car Mini Aceman
- MailOnline asks Lexie Limitless 5 quick fire EV road trip questions
- Manual cars may be near extinction in five years as the...
- Rolls-Royce Cullinan Series II is here - and the brash...
- Bailey must lead the way on interest rate cuts, says ALEX...
- BP profits hammered by lower energy prices
- Retail sales hit by wet weather and early Easter bank...
- BUSINESS LIVE: BP profits slump 72%; Wayve raises more...
- I wanted to return £12,000 of wedding clothes from...
- How YOU can cash in on the stock market 'feeding frenzy':...
- First Direct relaunches £175 switching deal for new...
- Car makers slash EV sales forecast for 2024 as public...
- British self-driving tech start-up Wayve raises more than...
- House prices flat in April says Halifax, but buyers seek...
- I'm dying of brain cancer at 39. But my insurance won't...
- Octopus Energy valuation grows to more than £7bn as...
- IWG continues cutting debts ahead of potential US listing
- Attacks in the Red Sea are escalating, warns shipping...
- House prices to jump 2.5% as economy brightens and...
- MPs set to grill FCA boss Nikhil Rathi on 'name and...