Comments by UK PM spokesman, James Slack

  • Says that May will meet with ministers today
  • Expects replacement to Leadsom to be announced later today
  • Says that May and Cabinet are focused on delivering Brexit

Cabinet ministers have already voiced their dissent towards May's WAB and that's the reason why she's meeting them individually later today as they look to understand what she is trying to achieve with the bill she's putting forward.

If discussions don't go well, expect more resignations to follow in the day ahead. As for now, the pound has recovered slightly off its lows with cable now up to 1.2635 after having tested bids around 1.2600-10 earlier in the session.