Pound Slides as Pressure on May's Leadership Adds to Brexit Woes
- Lawmakers plan to sign letter of no confidence: Sunday Times
- Brexit bill could be at least 60 billion euros: EU official
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The pound slumped as much as 1 percent as political developments in the U.K. cast a shadow on Prime Minister Theresa May’s ability to push for the Brexit deal she aims for.
Sterling snapped a two-day rally after the Sunday Times reported 40 Conservative members of Parliament, just eight short of the number needed to trigger a leadership challenge, have agreed to sign a letter of no confidence in her. Gilts gained as the clock ticked down to a December summit with the European Union, and the opposition Labour party accused May of lacking the support of her own party to deliver the Brexit transition period she’s proposed.