Sir Graham Brady, the chair of the 1922 committee, confirmed on Wednesday morning that he has received at least 48 letters from Conservative MPs calling for a vote of no confidence.
Sterling bounced off its lows yesterday as Theresa May mounted a rescue operation after pulling a vote in Parliament on her Brexit deal. The prime minister is meeting European leaders and officials seeking “clarifications” that may satisfy her critics.
Ministers are touring the UK to bolster support for the government’s Brexit deal ahead of a key vote on Tuesday. Sterling was lower this morning, while London stock markets mirrored buoyant trading on continental exchanges.
Government defeats in Parliament over its Brexit legislation were followed by lower share prices in London. But worse may be to come in the event of a full-scale constitutional crisis.
The pound was up 0.5% versus the US dollar to 1.280 US dollars.
London’s blue-chip share index was higher this morning despite deepening uncertainty about the Brexit process. But sterling was down, as were domestic UK stocks, suggesting the drawn-out UK departure is taking its toll on financial markets.
The FTSE 100 closed 1.2% higher
Traders who thrive on stress and anxiety are in for a treat during the next 12 months as Britain’s tortuous departure from the European Union promises endless market turbulence. No-one can see the future, but there are some principles that ought to help traders navigate the choppy waters ahead.
The OECD said a no-deal Brexit scenario could wipe off more than 2% from UK growth over two years.
The pound and London share prices were sanguine this morning ahead of a key Brexit Cabinet meeting tomorrow. But a UK-EU deal is far from certain with major issues unresolved.