The leadership challenge eats into the time available to get a Brexit deal through Parliament before exit day on March 29. It increases the chances of a pro-Brexit Tory taking over, and pursuing a more dramatic split from the bloc than the one May was pursuing. The pound pared gains.
(Dec 12): Theresa May is fighting for her job as British prime minister after being told she will face a vote of no confidence in her leadership, throwing the UK into fresh turmoil and Brexit into disarray.
Graham Brady, the senior Conservative Party official who runs the leadership process, announced the vote will be held on Wednesday after at least 48 Tory members of Parliament wrote to him saying they no longer have confidence in May as leader.
