The British Pound Sterling is down for a third consecutive week and on track for its worst week since 2016 as Prime Minister Theresa May’s own party members are working to oust her as they blame her for the terrible performance of the Conservative Party in the last snap election. Mrs. May had bet that the snap election would give her stronger mandate as she would be able to increase the working majority, instead, she is now forced to lead a minority government with her own party members looking to stab on her back.
The pound is currently trading at 1.307, down almost 2.5 percent so far this week, the worst since its 4.1 percent weekly decline in 2016 in the aftermath of the Brexit referendum.
Grant Shapps, the former Conservative chairman, has emerged as a leader of the plot to oust Theresa May. He says that party members are well within their rights to call for the Prime Minister to quit. According to him, up to 30 Conservative Party members support the move to oust her, which is a real danger for Prime Minister May and her ability to pass legislation as she leads a minority government where every vote counts. The latest report suggests that Prime Minister May’s cabinet members remain supportive of her.