Sterling slid the most in more than 17 months after ministers quit<\/b>
\nThe pound plunged against the dollar and euro Thursday after ministers, including Britain\u2019s Brexit secretary Dominic Raab, quit in protest against a draft deal to exit the EU.
The latest market gyrations came as the nation\u2019s business sector gave a lukewarm verdict to the proposed agreement, and amid worries that British Prime Minister Theresa May could soon face a no-confidence vote.
The pound was worth around US$1.2780, compared with almost US$1.30 late Wednesday. The euro meanwhile jumped to 88.26 pence, a gain of 1.3 per cent.
London\u2019s FTSE 100 index of major companies meanwhile dipped 0.1 per cent to 7,026.17 points.
Losses were capped by the weaker pound, which boosts London-listed multinationals whose earnings abroad are converted back into sterling.
\u201cThere\u2019s been a sharp move lower in the pound\u2026 after Brexit minister Raab announced his resignation,\u201d said XTB analyst David Cheetham.
May had been preparing to sell her Brexit deal to parliament, boosted by news that Europe is preparing a rapid summit to sign off on the agreement.
However, her efforts unravelled spectacularly as Raab resigned along with work and pensions secretary Esther McVey and junior Northern Ireland minister Shailesh Vara.
Raab\u2019s resignation \u201cis a major blow for May \u2026 with her position now growing increasingly tenuous\u201d, Cheetham warned.
\u201cIt now seems probable that a vote of no confidence will be tabled, with some reports stating that the requisite 48 letters will be sent by lunchtime.\u201d<\/p>\n

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