By Laurie Laird
LONDON (MaceNews) – British Prime Minister Theresa May has pledged to lead the UK out of the European Union, but her forceful claim to the premiership failed to dispel concerns that she could face a leadership challenge over the coming days.
Addressing a hastily-called press conference Thursday, May reaffirmed her commitment to “see Brexit through”, despite a chaotic day in London’s political heart, triggered by the resignation of four cabinet members, including Brexit Secretary, Dominic Raab. Raab is the second Brexit secretary to quit the post in under five months.
Sterling was largely unchanged after May’s address, steadying near $1.2750, a near-2% fall on the day. The FTSE-100 index ended slightly higher – although trading concluded before the premier met the media. Government bond prices rallied ahead of her remarks, with the yield on the 10-year gilt dropping 12 basis points to 1.38%.
Ministers supporting a clean break from the EU have opposed a draft divorce treaty agreed earlier in the week, particularly a clause that maintains Britain’s membership of the EU’s customs union once the UK leaves the bloc on March 29 next year. The provision is intended to prevent a hard border between Northern Ireland, a region of the UK, and the Republic of Ireland to the south, a sovereign nation that will remain in the European Union.
The cabinet resignations prompted fevered talk of a challenge to Mrs. May’s leadership of the Conservative Party, which rules with the support of the Democratic Unionist Party, a pro-Brexit Northern Irish based grouping. A large number of Conservative members of parliament have requested a confidence vote in May’s leadership. However parliamentary leaders have refused to reveal whether the number of dissenters has reached the 48 necessary to trigger a leadership challenge.
Aside from her energetic commitment to retain the top spot in British politics, May failed to reveal a new strategy to win over dissenting Conservative lawmakers, repeating the now-familiar vow to obtain the “best Brexit deal for the British people.” She also suggested an uncertain future for the UK should MPs reject her deal or her leadership, stressing that if the government doesn’t “move forward with [the] agreement, no one will be sure of what consequences will follow.”
Should May survive, she faces an uphill battle to secure passage of the deal through parliament. Her own party is deeply divided over the pace, and the DUP party has harshly criticised the plan.