A huge day has just happened in the ongoing Brexit saga.
UK Prime Minister Theresa May spent hours on Wednesday in a long cabinet meeting trying to gather support for her Brexit deal. But by Thursday, Brexit secretary Dominic Raab and several other key ministers had resigned over the deal.
The ministers quit because they felt the deal May reached did not reflect the 2016 referendum’s result.
May is also facing heavy political backlash from both the Labour party and her own Conservative party. Conservative MP Jacob Rees-Mogg even called for a vote of no confidence in May as leader of the Conservative party.
Rees-Mogg has been calling for a hard Brexit, or a clean break from the EU.
Right now, a vote on May’s Brexit deal still needs to happen. Many are uncertain if it will pass.
The British pound fell as much as 2% against the dollar in response. Shares in UK banks dipped sharply, with Lloyds (NYSE:LYG) , Barclays (NYSE:BCS) , & Royal Bank of Scotland (NYSE:RBS) all down.
The UK is scheduled to leave the EU on March 29, 2019, deal or no deal.
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