Tories teeter on brink of collapse over Brexit

In a tough press conference, Theresa May has maintained that she will 'see this [Brexit] though' to the end, but mounting cabinet resignations and a leadership challenge by hardliner Euroskeptic group, the ERG, makes the prospect difficult.

It is understood that the PM is due to meet the leader of the backbench 1922 Committee, who has the power to call for a vote of no confidence if 48 Tory MPs write to him expressing no confidence in their party leader.

Although the number of letters is not known publicly, Jacob Rees Mogg has become the latest Conservative parliamentarian to say he has lodged such a letter, and has urged his colleagues to do the same. Whether the requisite number of signatures has been gathered will become known at next week's 1922 meeting on Tuesday.

Meanwhile, polling by YouGov shows that only 22 percent of those surveyed back May's deal, which would see the UK kept in a
transitional arrangement with the EU till at least 2022, and possibly beyond that if no agreement can be made on the Northern Irish border.

However, it is unclear May has the votes in parliament to even pass that, amid resignations by former Brexit Secretary Domanic Raab, and Welfare Secretary Ester McVey. The DUP has also maintained that it is unwilling to back the current deal, which would see the Northern Irish backstop maintained indefinitely in practice, while prominent Labour Leaver Kate Hoey has denied she is willing to back the deal in a column for the LabourList website.

Although the prospect of Conservative MPs becoming so disfranchised with May's deal that the prospect of another General Election or 'People's Vote' is unlikely, the question remains just what the government intends to do if (and possibly when) it's deal fails to pass the House of Commons.

In any case, as the pound drops a further 2 percent against the Euro and Dollar, the prospect of the UK crashing out of the EU with no deal whatsoever has just become far more likely.

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