Sterling was hit today following a BBC report that a group of about 50 lawmakers in PM Theresa May’s government had met to discuss how and when they could force her out of her job.
The lawmakers are part of the European Research Group (ERG), an anti-EU grouping in May’s Conservative party, the BBC said citing an unnamed source. Sources further told media how one said there was “an utter lack of dissent” in the room about the need to replace the prime minister. “They ran through the ‘how to’ options. It was not a question of ‘should do’.”
Following this news, the sterling slipped nearly a quarter of a per cent at $1.3002 in early trading today.
Meanwhile, Environment Secretary Michael Gove has clarified that the leadership speculation was all “loose talk” and the “critical thing is we deliver on the Brexit mandate and any diversion or distraction from that commitment means our ability to ensure that it delivered is undermined.”