Prime Minister Theresa May’s handling of Brexit has rattled her cabinet, leading to resignations from many of her Conservative Party peers since the negotiations have kicked off, as lawmakers were expressing their discontent with the way things were going.
With the resignations and mounting pressure on May to retain enough votes and get a final Brexit deal through parliament, market participants are wondering how much longer she will be able to hold on to power.
The British pound
GBPUSD, +0.1566%
sharply sold off against its major rivals on Thursday as the situation in Westminster was escalating, logging its worst one-day drop against the U.S. dollar since June last year.
Don’t miss: Here’s how much Brexit turmoil might whack the British pound, analysts predict
Here are the latest developments:
- May said she would stick to her plan during a speech on Thursday, adding she would see Brexit through to the end and always put the national interest first. She also said that she didn’t expect to see a second referendum.
- Multiple members of parliament, including pro-Brexit politician Jacob Rees-Mogg, submitted letters pressing for a vote of no confidence
- Brexit Secretary Dominic Raab resigned Thursday, Nov. 15. He had replaced first Brexit Secretary David Davis who had stepped down in July this year. Tory MP Michael Gove, Secretary of State for Environment, Food and Rural Affairs, is seen as the potential next chief negotiator for the U.K.
- Work and Pensions Secretary Esther McVey resigned Thursday, Nov. 15.
- Other resignations on Thursday, Nov. 15 included Junior Northern Ireland minister Shailesh Vara, Junior Brexit Minister Suella Braverman, and two parliamentary secretaries.
- Transport minister Jo Johnson, brother of former Foreign Secretary Boris Johnson, resigned Friday, Nov. 9. Boris Johnson had quit his post in May’s cabinet in July, shortly after David Davis stepped down.
- Other resignations earlier in the year included various less prominent ministers and members of the Conservative Party, as well as parliamentary secretaries.
Check out: Currency traders betting on a Brexit deal are having a rough time
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Source : MTV
