British Prime Minister Theresa May’s position hung in the balance on Monday amid reports that dozens of MPs were backing a move to oust the PM, whose leadership has been battered by a string of scandals and crises.
The British pound sank Monday on uncertainty surrounding May’s future, but UK multinational shares were buoyed by the sliding currency, dealers said.
The Sunday Times reported that 40 ministers in the ruling Conservative Party have agreed to sign a letter of no confidence in the prime minister, just eight short of the number needed to trigger a leadership contest.
May’s leadership was further weakened after two British Cabinet ministers were forced to resign in recent weeks, one over sexual harassment and the other for a series of unauthorized meetings with Israeli officials.
May has been struggling to maintain her authority in the face of a lack of a parliamentary majority, ongoing party infighting and complex Brexit negotiations.
The government is also under pressure to meet a two-week deadline set by the EU’s chief Brexit negotiator Michel Barnier on Friday for a deal on exit terms ahead of the December EU summit.
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