Brexit: ‘Remain’ performs well in final live TV debate - MUFG

Derek Halpenny, European Head of GMR at MUFG, suggests that having watched the final live TV debate last night, which took place at Wembley Arena in front of 6,000 people, our conclusion was that the ‘Remain’ side performed well with the three speakers impressing and even on the ‘Leave’ campaign’s strong point – immigration – ‘Remain’ managed to score some points.

Key Quotes

“On a number of points Sadiq Kahn, Conservative MSP Ruth Davidson and TUC General Secretary Frances O’Grady got the better of the ‘Leave’ side of Boris Johnson, Labour’s Gisela Stuart and Conservative Andrea Leadsom. There was definitely a passion in Ruth Davidson that was clearly lacking on the ‘Leave’ side. Who won the debate is of course subjective and many will view it along the lines of how they intend to vote but in our view those genuinely undecided who were watching last night might well have been more impressed with the ‘Remain’ side.

There will be a number of final opinion polls released today but we doubt there will be major moves for the pound at this late stage. The recent appreciation of the pound was probably in large part the final liquidation of pound short positions as market participants remove risk prior to the actual event. If that’s the case we doubt there will be much appetite for establishing positions at this point just ahead of the event.”