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.”
Sir Graham Brady tells me that the vote of no confidence will be held TONIGHT. Would not say if he has confidence in the PM. pic.twitter.com/XerZ6JJ5aK
— Tom Larkin (@TomLarkinSky) December 12, 2018
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.”