As of 9.17am BST, the pound has fallen to €1.1443 in what marks a ninth session of decline for Sterling. Against the US dollar, the pound touched a low of $1.2821. The dip comes amid growing fears of Theresa May’s withdrawal agreement being shot down again when it is presented to the Commons in June. Sterling has lost 1 percent of its value this month as deadlocked cross-party talks exposed deep political divisions over how, when and even if Brexit should take place.

Mrs May is expected to present to put forward her Brexit deal in the week beginning 3 June, having already seen her plan rejected three times before.

Connor Campbell, market analyst at Spreadex, said: “The pound slipped 0.2 percent against the dollar and the euro, hitting fresh 3-month lows against both.”

Speculation is growing that Mrs May will soon be ousted and that is also weighing on the pound.

The Prime Minister will face calls later in the day from her Conservative Party to set a clear date for standing down and could be warned that she faces a confidence vote next month.

Adam Cole, chief currency strategist at RBC Capital Markets, said: “What we’re seeing is the market pricing in a higher probability of an exit without a deal.” 

“It looks increasingly likely she will be replaced by a pro-Brexit Prime Minister with no election, and that automatically increases the chances of a no-deal Brexit.”

Britain currently has a deadline of 31 October, 2019, to leave the European Union.

The Prime Minister is holding talks with members of the executive of the 1922 Committee of backbench Conservative MPs today.

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1922 Committee treasurer Sir Geoffrey Clifton-Brown said: “It would be infinitely preferable if she set a date rather than us force her out.

“It’s better that she does it than we have a vote of confidence.

“What I would like to see is her set out a timetable to trigger a leadership contest.”

After the talks with the Prime Minister, the 1922 Committee executive will hold a private meeting where changes to Tory leadership contest rules could be discussed, according to sources.



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