What is the purpose of the '&' in the string in this line?
exitAction = QtGui.QAction(QtGui.QIcon('exit.png'), '&Exit', self)
Likewise here:
fileMenu = menubar.addMenu('&File')
The & character has a special purpose if you use it in the text of a QAction object: If the QAction object is used in a tool button, the character directly after the & symbol can be used as a keyboard shortcut for that button (in combination with the alt-key).
See http://doc.qt.io/qt-5/qaction.html (resp. http://doc.qt.io/qt-5/qaction.html#QAction-2).
alt-F Sin most apps triggers the filemenu, and goes to the "S" option, which is generally "save", so you'd have.addMenu('&File')&F-> "alt-F"