The world’s largest financial exchange issues a dire warning for Theresa May

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The world’s largest financial exchange operator has issued a dire warning for Theresa May. In a paper sent to business leaders in November, CME Group wrote that the Prime Minister is “hanging by a thread”.

Major business organisations are preparing for a Jeremy Corbyn-led government. Since the general election, the Conservatives have been precariously propped up by the Democratic Unionist Party (DUP). Last month, May suffered two resignations from cabinet ministers in the space of a week. And her de facto deputy may be the next to fall. Even some of Damian Green’s fellow Conservatives are calling for his resignation over sexual misconduct allegations. Then there are the Brexit negotiations, which CME Group comments “are not going well”.

Last week, Davide Serra, chief executive of Algebris Investments, a major UK hedge fund company, said [paywall] to investors:

May’s Conservative government is fragile … we are preparing for Corbyn.

Indeed, a recent poll from Survation places Labour in an eight-point lead.

“Continues to deteriorate”

The CME Group paper concludes by saying that May’s “situation continues to deteriorate”. It states that the Conservatives “risk losing by-elections”, which their slim majority would struggle to withstand. It also says “the likelihood of another U.K. general election is growing”.

“When they say we’re a threat, they’re right”

CME Group also warns that a Corbyn-led government outside the EU could be a “nightmare scenario for the pound”. In a similar vein, banking giant Morgan Stanley recently warned:

Read on...

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Corbyn would be more of a danger to markets than hard Brexit

But the Labour leader took the attack head on:

These are the same speculators and gamblers who crashed our economy in 2008. And then we had to bail them out. That’s meant a crisis in our public services, falling wages and the longest decline in living standards for over 60 years. Nurses, teachers, shopworkers, builders, just about everyone is finding it harder to get by, while Morgan Stanley’s CEO paid himself £21.5 million last year and UK banks paid out £15 billion in bonuses. Labour is a growing movement of well over half a million members and a government in waiting that will work for the many. So when they say we’re a threat, they’re right. We’re a threat to a damaging and failed system that’s rigged for the few.

Morgan Stanley played a direct role in causing the financial crash, so doesn’t really have a leg to stand on. But still, with business leaders openly preparing for a Corbyn government, it doesn’t look good for May and the Conservatives.

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