Andrea Leadsom's resignation overnight piles more pressure on May
The Cabinet mutiny is out of the bag now and the pressure is on for May to step down as soon as possible before things get out of control (was it ever under control anyway?). Latest reports suggest that Cabinet ministers are of the view that May cannot stay in her post any longer but she remains one tough nut to crack.
In response to Leadsom's resignation yesterday, May said that she was "sorry to lose someone of such passion, drive and sincerity". Basing off her demeanour, it doesn't look like she's going to step down until she puts her WAB to a vote in parliament.
After all, what more does she have to lose at this point?
As mentioned yesterday, the 1922 Committee met up and it is said that they held a secret ballot on whether or not to change the party's rules - so as to be able to oust May via a no confidence vote immediately. However, as committee chair, Graham Brady, has already struck a deal with May, they're still not looking into the results of the ballot just yet.
The deal is that May must almost immediately step down after the WAB vote, regardless of the result. So, let's see how things play out during the week especially with European Parliament elections coming up.
The result is likely to show that the Tories are losing more support with the insurgence of the Brexit Party and that will only serve to add more pressure on May to resign. Otherwise, I reckon we can expect further revolt and resignations to follow in the coming week.
What does this mean for the pound? Let's just say that among all the words written so far, I can't find a single piece of good news right now. It's a hell of a political mess and that will continue to keep downside pressure on the quid.
