Boris Johnson could withstand the latest concerted attempt to remove him from office — he is not known as the greased piglet for nothing — but it is wise to consider what may happen if his tenure does end up being even shorter than that of his ill-fated predecessor Theresa May.
Markets as a rule hate uncertainty, but a premature defenestration of Johnson as prime minister, though a shock, would not qualify as a major surprise. Sterling may take an initial dip, as might U.K. equities, but likely only fleetingly. It would be akin to an embattled chief executive officer leaving a company. There could well be a premium for new management.