Pound Slides As May Cancels Statement Amid Reports Of Cabinet Revolt

Update: 10 Downing Street is now saying there will be a short statement Wednesday night following what has become a marathon meeting with May’s cabinet. Though the full press conference has been canceled.

  • BREXIT: NUMBER 10 NOW SAYING PM MAY WILL MAKE SHORT STATEMENT OUTSIDE DOWNING ST WHEN CABINET IS OVER, NICK HURD “MIS-SPOKE”  – SKY CORRESPONDENT

The pound is beginning to erase some of its losses triggered by news of the cancellation.

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Moments after Buzzfeed reported that between eight and ten cabinet ministers stormed into Theresa May’s critical Wednesday afternoon vote-whipping session with senior members of her government…

…The BBC has confirmed that Theresa May’s Wednesday night press briefing – which was preemptively scheduled so that she could announce that she had secured cabinet support for her latest draft Brexit deal – has been cancelled. News of the cancellation followed reports from earlier in the afternoon that May’s address, which had initially been planned for 5 pm London Time, would be pushed back by at least two hours as more than a dozen cabinet members had yet to speak.

“I am authorised to inform the House there will be no press statement this evening. There was considerable concern in the House about that happening before the PM came to parliament.”

The pound weakened against the dollar and euro on the news.

GBP

Perhaps it’s time to put the podium away…

 

 

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