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| Pound tumbles against dollar and euro as Tory MPs plot to oust Theresa May | Pound tumbles against dollar and euro as Tory MPs plot to oust Theresa May |
| (35 minutes later) | |
| The pound has fallen amid reports Conservative MPs are plotting to oust Prime Minister Theresa May. | |
| Sterling fell to a one-month low against the dollar after MP Grant Shapps was revealed to be leading a group of around 30 Tories seeking a leadership election. | Sterling fell to a one-month low against the dollar after MP Grant Shapps was revealed to be leading a group of around 30 Tories seeking a leadership election. |
| Against the dollar, the pound pared its early-morning losses, trading down 0.26 per cent to 1.3083 at 12:45 on Friday. Against the euro the pound fell 0.24 per cent to 1.12, furthering losses made on Thursday after a run of bad economic news for the UK economy. | |
| Mr Shapps, a former party chairman, said both Remainers and Brexiteers were among about 30 Conservative MPs who believed the Prime Minister’s time was up. | Mr Shapps, a former party chairman, said both Remainers and Brexiteers were among about 30 Conservative MPs who believed the Prime Minister’s time was up. |
| “A growing number of my colleagues realise the solution is not to bury our heads in the sand and hope it will get better,” he said. | “A growing number of my colleagues realise the solution is not to bury our heads in the sand and hope it will get better,” he said. |
| Connor Campbell, financial analyst at Spreadex, told the Press Association that a battle for control of the Conservative party would be "seriously bruising for the pound". | Connor Campbell, financial analyst at Spreadex, told the Press Association that a battle for control of the Conservative party would be "seriously bruising for the pound". |
| He said: "While on Thursday there was a web of reasons why the pound was driven lower, this Friday's decline seems to have a more singular reason behind it: Tory infighting. | He said: "While on Thursday there was a web of reasons why the pound was driven lower, this Friday's decline seems to have a more singular reason behind it: Tory infighting. |
| "The sound of sharpening knives has only grown louder since Theresa May's Thick of It-esque speech mid-week. | "The sound of sharpening knives has only grown louder since Theresa May's Thick of It-esque speech mid-week. |
| "Last night there were reports that a group of Conservative 'rebels' were seeking advice from those who disposed of Iain Duncan Smith back in 2003, while this morning former Tory chairman Grant Shapps has claimed a number of MPs privately agree that the PM should go." | "Last night there were reports that a group of Conservative 'rebels' were seeking advice from those who disposed of Iain Duncan Smith back in 2003, while this morning former Tory chairman Grant Shapps has claimed a number of MPs privately agree that the PM should go." |
| The plotters – thought to number about 30 - had intended to go to Ms May “privately” to persuade her to stand down, but Mr Shapps accused Tory whips of leaking his name to a newspaper, as an organiser. | |
| Mr Shapps said the MPs wanting the Prime Minister to resign did not agree on a replacement, which should be a choice for the Tory faithful. | |
| “This is not about promoting an individual. It’s about having a proper and full leadership election and that should go out to party members as well,” he said. | |
| The rebels hope to gather extra names over the weekend, but are still someway short of the 48 required to trigger a vote of confidence in Ms May’s leadership. | |
| Uncertainty over the leadership of the country has added to bad economic news to drag the pound down this week. | |
| On Thursday, the pound fell 0.4 per cent against the single currency to €1.12, and 0.9 per cent against the dollar to $1.31. | |
| The fall came on the back of weak car sales data and questions from ratings agency, Standard & Poor's, over the economy’s ability to withstand an interest rate rise. | |
| Car sales slumped 9.3 per cent in September compared with the same month last year, marking their sixth consecutive month of declines and the first year-on-year fall since 2011. | |
| Markets were also weighing implications of the prime minister’s calamitous speech to the Conservative Party conference on Wednesday. |