Pound plunges as MPs rebel against Theresa May's Brexit plan.

Pro-Brexit Conservative MP Jacob Rees-Mogg called for a vote
of no-confidence in the British Prime Minister Theresa May.
Photo: ADRIAN DENNIS/AFP/Getty Images

The UK pound dropped sharply on Thursday as members of Prime Minister Theresa May’s own party threatened to oust her over her draft Brexit deal.

Multiple ministers, including Brexit minister, Dominic Raab, resigned on Thursday in protest over May’s draft agreement with the European Union. Hardline Brexiteer Tory MP Jacob Rees-Mogg submitted a letter of no confidencein the Prime Minister later in the day, raising the prospect of a leadership challenge.

Sterling (GBPUSD=X) was down by roughly 2% against the US dollar to around $1.27 and down 2% against the euro to €1.13 (GBPEUR=X) in the late afternoon.

By Alanna Petroff.

Full story at Yahoo News.