Sterling takes a pounding as Brexit talks break down

Brexit Party Rally In West Yorkshire Ahead Of EU Elections

Speaking after his selection, he said: "Brexit is a cause close to my heart, it's all about democracy".

A YouGov poll for the Times ahead of European elections on May 23 showed that the far smaller Liberal Democrats opposition have overtaken Labour while the Conservatives have been pushed into fifth place, with the newly-formed Brexit Party in first.

Labour Party leader Jeremy Corbyn said the talks with Prime Minister Theresa May's government had "gone as far as they can".

In a letter to May released by Labour, Corbyn said "we have been unable to bridge important policy gaps between us". Labour has feared any compromises on issues such as workers' rights would be torn up by May's successor. He later told reporters there was no chance of getting even part of a Brexit deal ratified by the end of July.

Conservative MEP candidates Faye Purbrick, Ashley Fox, Claire Hiscott and Emmeline Owens with Prime Minister Theresa May (centre) in Bristol during campaigning for the upcoming European Parliament elections.

The divorce deal, which May agreed a year ago with the European Union, has been rejected three times by parliament.

The decision comes as little surprise as Johnson, one of Britain's most identifiable politicians known simply as "Boris", has always been known to covet the top job.

The pound outperformed its Group-of-10 peers in the first four months of the year as Britain secured an extension to the Brexit deadline, but has pared the gains since as the United Kingdom government has so far made little progress toward resolving the deadlock.

That deadlock deepened this week with the breakdown of the cross-party talks and the intensifying pressure on Mrs May from within her Conservative Party to quit.

Lawmakers in May's Conservative government want her to outline a timetable for her resignation in the case that the plan is not approved - an outcome that appears likely as of now.

Committee chairman Graham Brady said after the "frank" meeting that May wanted to defer naming her departure date until Parliament votes on her Brexit bill in the week of June 3. Many blame May and want her replaced with a more staunchly pro-Brexit leader, such as former Foreign Secretary Boris Johnson.

"Of course I'm going to go for it", Mr Johnson told The British Insurance Brokers' Association, according to the BBC.

"Following that. she and I will meet to agree a timetable for the election of a new leader of the Conservative Party", Brady said.

The collapse of negotiations ensures that Britain's political crisis over Brexit drags on.

It is true that Mrs May's government is a minority administration, reliant on Northern Ireland's Brexit-supporting Democratic Unionist Party (DUP) to get legislation through Parliament - but it does not back her deal, and nor do a large number of Brexiteer Tory MPs known as "The Spartans".

"Without significant changes, we will continue to oppose the government's deal as we do not believe it safeguards jobs, living standards and the manufacturing industry in Britain", Corbyn concluded.



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