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Brexit Chaos Erupts As Ministers Resign In Revolt, Pound Tumbles

Update VI: The Telegraph is reporting that Gove has been offered the position of Brexit secretary, but he’s unsure whether to accept following Raab’s resignation, as he also has reservations about the deal.

Meanwhile, rumors are circulating that Penny Mordaunt may become the third senior minister to resign on Thursday.

Meanwhile, the FT is reporting that Michael Gove, May’s Secretary for the environment, food and rural affairs, is rumored to be May’s pick to replace Raab as Brexit Secretary.

* * *

Update IV: With the eurosceptic European Research Group set to meet Thursday at 12:45 London Time, reports have surfaced claiming that the leader of the Brexiteers, Jacob Reese Mogg, is preparing to submit a letter of no-confidence in May to the 1922 committee.

Meanwhile, Wall Street analysts believe there could be more pain ahead for the pound following Raab’s resignation. Indeed, the pound could fall to $1.25, according to Mizuho’s head of hedge fund sales Neil Jones.

“Sentiment was sensing the cabinet would remain intact so personally I am surprised and so is the pound-dollar market,” Jones said.

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