Market madness as British Prime Minister's suspense sparks volatility
Markets have reacted to news that the Prime Minister Theresa May is to make an announcement outside Downing Street this morning.
Analysts say Theresa May's statement is going to be "a major driver of volatility today" as the pound dropped to $1.25 ahead of her statement at 11.15 am.
There are many rumours circulating online but some believe that she could be set to call an election as early as next month.
Local elections will take place across the United Kingdom on May 4 while others suggest the vote could take place on June 8.
Sources say the Prime Minister has a total of 25 working days before she can call a vote.
The last time a snap election was called with such short notice would have been in 18th September 1974 and were held on the 10th of October.
If this happens Mrs May would have to get permission from the UK Parliament under the rule changes of the 2011 Fixed Term Parliaments Act.
This is a developing story check back for the latest updates...