Rumor this morning was that Theresa May would quit. Instead, there is yet another open revolt as May refused to resign.

Tory Turmoil

Rumors this morning said Theresa May would resign. Then there were rumors the 1922 committee would force her out. Wrong again.

Instead, Andrea Leadsom Resigns From the Government as May Refuses to Quit.

Leadsom was a pro-remainer in the referendum, but even she has finally had enough.

Leadsom Statements

  1. "I do not believe that we will be a truly sovereign United Kingdom through the deal that is now proposed;
  2. “I have always maintained that a second referendum would be dangerously divisive, and I do not support the government willingly facilitating such a concession. It would also risk undermining our union which is something I passionately want to see strengthened;
  3. “There has been such a breakdown of government processes that recent Brexit-related legislative proposals have not been properly scrutinised or approved by cabinet members;
  4. “The tolerance to those in cabinet who have advocated policies contrary to the government’s position has led to a complete breakdown of collective responsibility.”

Explaining the timing of her decision to resign on the eve of polling day in the European elections, Leadsom said: “I considered carefully the timing of this decision, but I cannot fulfill my duty as leader of the house tomorrow, to announce a bill with new elements that I fundamentally oppose."

As commons leader, she would have had to announce and support Theresa May's 4th attempt to pass garbage.

Leadsom couldn't do it. Finally, she had enough.

Leadsom’s is the 36th ministerial resignation under May’s watch.

Men in Grey

The 1922 committee met again today and once again wimped out.

Supposedly, a majority was in favor of changing the rules and ousting May, but once again they wimped out, refusing to pull the trigger.

Andrew Sparrow's Summary

  • Theresa May has seen off an attempt by some Tory MPs to get her to announce a timetable for her departure tonight. Her decision yesterday to announce that her EU withdrawal agreement bill (Wab) will include giving MPs votes on a second referendum and on a temporary customs union has infuriated many Conservatives – including many in her cabinet, and MPs who have not previously demanded her resignation – and this afternoon the atmosphere at Westminster was febrile, with rumours that she could announce her resignation tonight. But Julian Smith, the chief whip, told the executive of the 1922 Committee that May was not going to quit this evening.
  • Sir Graham Brady, the chairman of the 1922 Committee, has arranged to meet May on Friday, where it is thought he will tell May how little support she has in the party and how MPs are pushing for the leadership contest to start now.
  • May is under intense pressure from MPs in her party to cancel the vote on the Wab, scheduled for Friday 7 June. Cabinet ministers are among those who want the vote to be abandoned, and some of them – including Sajid Javid, David Mundell and Jeremy Hunt – have been asking to meet her to express their concerns. May has been resisting. The two issues – May’s resignation and the fate of the Wab – are linked because May has previously agreed to arrange a timetable for her departure after the second reading of the Wab. If the government were to abandon the Wab, she would have no reason not to announce her resignation now.
  • Some Conservatives have been urging the 1922 Committee to change the rules that currently prevent a fresh no confidence vote in May before December – 12 months after the last one. May’s critics would like to be able to hold a new vote now. It has been reported that there is now a majority on the executive of the 1922 Committee in favour of changing the rules.
  • Downing Street has rejected claims that the government has abandoned its plan to publish the Wab on Friday. But publication will depend on whether or not, by Friday, May still plans to press ahead with holding a vote on the Wab on Friday 7 June or whether by then she has been persuaded to drop it.
  • May now looks likely to announce her resignation as some point in the fortnight between Friday 24 May and Friday 7 June. It could come this Friday, following her meeting with Brady (perhaps in response to a threat by Brady to schedule a no confidence vote if she does not). Or it could come very soon after the Wab second reading vote, which the government is widely expected to lose. Announcing her resignation would not involve May leaving No 10 immediately; it is expected she would stay in office until a new leader were elected. But if the contest were to start now, it would be easier for the party to install a new leader before the summer recess – an important consideration for MPs, who want the new leader to have as much time as possible to address Brexit before the end of October, when the UK is due to leave the EU.

Talent

Theresa May is still sticking with her deal, revised in such as way it pissed off everyone. That's not easy to do. It takes talent to upset everyone the way she has.

Her own party cannot stand her and the EU openly made fun of here during negotiations.

The deal May worked out would keep the UK in a permanent customs union with no way out other than to pay more bribes.

And It's captured on film. For details, please see Let's Discuss Brexit (and How the EU Bragged, on Film, About Screwing the UK).

It's time for the UK to move forward and save £39 billion (About $49 billion) in the process.

This material is based upon information that Sitka Pacific Capital Management considers reliable and endeavors to keep current, Sitka Pacific Capital Management does not assure that this material is accurate, current or complete, and it should not be relied upon as such.

Analysis feed

FXStreet Trading Signals now available!

Access to real-time signals, community and guidance now!

Latest Analysis


Latest Forex Analysis

Editors’ Picks

EUR/USD bounces after upbeat COVID-19 cure news

EUR/USD is trading above 1.13, rebounding from the lows. Gilead reported that its drug Remdesevir substantially reduces mortality among COVID-19 patients. The news boosted stocks and weighed on the dollar. US coronavirus statistics are due out.

EUR/USD News

GBP/USD recaptures 1.26 as the market mood improves

GBP/USD is trading above 1.26 as the market mood improves and the safe-haven dollar retreats. Investors are shrugging off Brexit concerns and focusing on hopes to cure coronavirus. US COVID-19 statistics are due out.

GBP/USD News

XAU/USD consolidates daily gains above $1,800

After advancing to its highest level since September of 2011 at $1,818 on Wednesday, the XAU/USD pair staged a correction and briefly dropped below $1,800 on Thursday.

Gold News

Cryptocurrencies: War for dominance hit the bedrock of the market

Bitcoin tried to regain market share and activated sales in the Altcoin segment. BTC/USD, ETH/USD and XRP/USD are looking for supports and a rebound to push them to new elative highs. The current compression on the XRP/USD chart could trigger an exploding movement.

Read more

WTI once again breaks $40 per barrel after trading lower in early EU trade

There has been quite the bounce in WTI since the EU session after some strong selling pressure during Thursday and overnight. Once again on Friday's session, the price has taken the USD 40 per barrel handle. 

Oil News

Forex Majors

Cryptocurrencies

Signatures