The British pound on Monday recorded its largest daily drop against the U.S. dollar in almost a month after two euroskeptic ministers announced their resignation from UK Prime Minister Theresa May's cabinet, leaving the British leader's Brexit plans in chaos.
Dominic Raab has been appointed the UK's new Brexit minister after the resignation of David Davis.
Though they may have gone so close together, the manner of the departures of David Davis and Boris Johnson could not have been more different.
The Prime Minister's latest political drama began late on Sunday night when Davis announced his decision to leave his post, declaring he could not support May's plan for Brexit agreed plan. He also warned that Britain was "headed for the status of a colony" within the bloc.
He said: 'We are now in the ludicrous position of asserting we must accept huge amounts of precisely such European Union law, without changing an iota, because it is essential for our economic health - and when we no longer have any ability to influence these laws as they are made.
Before Johnson quit, May's official spokesman, James Slack, said Britain wanted to "move forward at pace" in the negotiations. Brexit-supporting lawmakers were angered by the proposals, saying they would keep Britain tethered to the bloc and unable to change its rules to strike new trade deals around the world.
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Turkey also faces a widening current account deficit making it reliant on weak foreign investment to plug the gap. After taking his oath, Erdogan visited the mausoleum of Mustafa Kemal Atatürk, the founder of modern Turkey.
Davis also said that May's plan "would be a risk at least of delivering a poor outcome". In his letter to the prime minister explaining his decision, Mr Davis said he felt it was "less and less likely" that Britain would leave the customs union and the single market, articles of faith for Brexiteers.
Steve Baker, a junior Brexit minister, resigned along with Davis. "But I'm getting on with delivering what the British people want".
He told the BBC that he thought the United Kingdom was giving away "too much, too easily" and predicted that the European Union would be demanding more concessions in talks. "Others don't have that same responsibility".
Mrs May later faced down backbench critics at a meeting of the 1922 committee, amid rumours they were close to getting the 48 signatures needed to trigger a no-confidence vote that could spark a leadership election.
But leading pro-Brexit legislator Jacob Rees-Mogg said "I don't think a no-confidence vote is immediately in the offing".
In his resignation letter to May, Davis said the policy "hands control of large swathes of our economy to the European Union and is certainly not returning control of our laws in any real sense".
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