There is, however, a bullish case for sterling and Mr Johnson, according to Constantine Fraser, an analyst at economic consultancy TS Lombard. "Brexit has become a US-style culture war, in which substance matters less than the mood of the tribe," he said. "With a little imagination, repackaging...the 'Boris Bargain' could be made to feel like a very different proposition." He added that this could prompt a sterling rally.
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