Capital.com NewsThe pound has plummeted after shock ministerial resignations dealt a blow to Theresa’s May’s Brexit deal and is set to remain under pressure as Cabinet support proves short-lived.
Sterling fell sharply against most major currencies after Brexit Secretary Dominic Raab quit, followed shortly after by Work and Pensions Secretary Esther McVey.
The pound tumbled 1.8% to just under 1.28 US dollars and dropped 1.6% to 1.13 euro.
It comes after a volatile week for the pound as it has been buffeted by developments on the Government’s Brexit deal.
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Experts said it will be a pivotal day for the Prime Minister and sterling, whose fortunes now appear linked to her ability to remain in post.
While the pound suffered steep falls, the FTSE 100 Index narrowly held on to gains as it was given a lift by global firms, such as miners, as well as defensive stocks, including oil giant BP.
The blue chip share index edged 7.7 points higher to 7041.4.
