Sterling falls as Theresa May receives her first ministerial resignation over her Brexit deal
Sterling fell this morning after a minister announced his resignation over the Prime Minister’s Brexit deal, which won the backing of the cabinet last night.
Shailesh Vara, a minister for Northern Ireland, informed Downing Street of his resignation this morning, saying the deal leaves the UK “in a half-way house with no time limit” on when it can fully leave the EU.
He told Theresa May: “We will be locked in a customs arrangement indefinitely, bound by rules determined by the EU over which we have no say.
“Worse, we will not be able to leave the customs arrangement unilaterally if we wish to do so. Northern Ireland in the meantime will be subject to a different relationship with the EU from the rest of the UK."
With much sadness and regret I have submitted my letter of resignation as a Northern Ireland Minister to the Prime Minister. A copy of my letter is attached.
It has been a joy and privilege to serve in the Northern Ireland Office and I will always cherish the fondest memories. pic.twitter.com/SN8j4OwhYD— Shailesh Vara MP (@ShaileshVara) November 15, 2018
“This agreement does not provide for the United Kingdom being a soveriegn, independent country leaving the shackles of the EU, however it is worded.
“We are a proud nation and it is a sad day when we are reduced to obeying rules made by other countries who have shown that they do not have our best interests at heart.”
The pound came off its high of $1.305 after May announced the cabinet’s backing for her Brexit deal last night, falling as low as 1.297 in early morning market movements.
More to follow.