- Posted by currencies in Rate Alerts
- December 12, 2018
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Sterling continues to be volatile after Britain’s justice minister said the government would have to delay Article 50 – Britain’s notice to withdraw from the European Union – if Prime Minister Theresa May lost a no-confidence vote.
The British currency plunged to a 20-month low of $1.2477 overnight after lawmakers in May’s Conservative party managed to garner enough support to trigger a no-confidence vote in her leadership.
The ballot, which is to be held between 1800 GMT and 2000 GMT today, plunged May’s planned Brexit into further chaos after she had delayed a parliamentary vote on her plans on Monday.
May said in her statement this morning “Sir Graham Brady has confirmed that he has received 48 letters from Conservative MPs so there will now be a vote of confidence in my leadership of the Conservative party.
I will contest that vote with everything I’ve got. I have been a member of the Conservative party for over 40 years. I have served it as an activist, councillor, MP, shadow minister, home secretary and now as prime minister.
I stood to be leader because I believe in the Conservative vision for a better future. A thriving economy, with nowhere and nobody left behind. A stronger society, where everyone can make the most of their talents. Always serving the national interest.
And at this crucial moment in our history, that means securing a Brexit deal that delivers on the result of the EU referendum”
Tonight, will be key, with the voting starting at 6pm and we will have the results thereafter. Bookies have May as favourite to win this evening. However, they had the remain camp as favourites to win the referendum!!