Sterling recovers mildly today but remains the weakest one for the week on political turmoil in the UK. Four ministers, including Brexit Minister Dominic Raab resigned in protest to Prime Minister Theresa May’s draft Brexit agreement. But May insisted in a press briefing that “I believe with every fibre of my being that the course I have set out is the right one for our country and all our people.” She added that “I am going to do my job of getting the best deal for Britain and I’m going to do my job of getting a deal that is in the national interest.”
ERG leader Jacob Rees-Mogg has formally requested a no-confidence vote on May. And for now, at least 14 Conservative MPs had openly said they had joined in the call. Four-eight letters are needed to trigger a leadership challenge. May’s response regarding the challenge was “Am I going to see this through? Yes.”
Even if May can survive the leadership contest, it remains very doubtful if she can get enough votes through the parliament. Conservative Brexit-supporting MP Mark Francois, put it this way. “It is … mathematically impossible to get this deal through the House of Commons. The stark reality is that it was dead on arrival.”
