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Tory MPs trigger vote of no confidence in May

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Sterling is trading below $1.25 following the confirmation that PM Theresa May faces a no confidence vote later today.

Media reports suggest thag at least 48 MPs sent letters of no confidence in May over her Brexit deal. May is due to make a statement from Downing Street later this morning.

Sir Graham Brady confirmed in a statement: “The threshold of 15% of the parliamentary party seeking a vote of confidence in the leader of the Conservative party has been exceeded.”

Former British minister Owen Paterson said he had submitted a letter of no confidence in Prime Minister Theresa May in the hope of triggering a leadership challenge.

“I write to inform you that I no longer have confidence in the Prime Minister,” he said in a letter to the senior lawmaker who would oversee any leadership challenge.

“It would be a travesty if the democratic verdict of the 2016 referendum – the largest in British history – were not delivered, yet the Prime Minister’s proposed ‘deal’ is so bad that it cannot be considered anything other than a betrayal of clear manifesto promises.”




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