The UK leadership challenge Preview: The end of the Dancing Queen

UK Prime Minister Theresa May faces leadership ballot after Conservative MPs trigger no confidence

May said she would fight for her job with everything she had. Conservative MPs briefed that May had told them she did not intend to lead the party in the next general election due in 2022.

Theresa May has told her own Conservative MPs she will not stand in the next general election.

The result of the Conservative MPs votes was 200-117.

May promised members of her party that she would stand down before the 2022 general election in a last-ditch bid to win their support and United Kingdom bookmakers were confident she would emerge victorious.

A bitter division over Europe in the Conservatives helped bring about the downfall of all three previous Conservative premiers - David Cameron, John Major and Margaret Thatcher. The main sticking point, as it has been nearly from the start of negotiations, is the post-Brexit relationship between Northern Ireland and the Republic of Ireland, and the backstop proposal to cover against any future re-imposition of a hard border between the two. If she loses she will be removed as party and government leader. "Even after being forced into saying she would stand down soon, nearly 40% of her parliamentary group has voted against her - meaning presumably a majority of her backbenchers did so". Members of Theresa May's own party squeezed into committee room 14 in Westminster to cast their secret ballots.

Speaking in Downing Street following the result, Mrs May said MPs "now need to get on with the job of delivering Brexit". Brady announced yesterday morning the threshold had been reached and a confidence vote would be held later.

Brexit is Britain's most significant political and economic decision since World War Two, though pro-Europeans fear it will weaken the West as it grapples with the presidency of Donald Trump and growing assertiveness from Russian Federation and China.

We would suggest that those watching the British Pound look out for the codicil: If one is granted, the Pound could shoot up, if not, it's business as usual and further purgatory at least until year-end.

May added that her "renewed mission" was "delivering the Brexit that people voted for, bringing the country back together and building a country that truly works for everyone".

Critics say Mrs May's backstop plan will keep the United Kingdom tied to European Union rules indefinitely and curb its ability to strike trade deals. Angela Merkel, German Chancellor said her "Nein", and there is no one else to say anything different.

How a Conservative leadership election works

Late Wednesday May survived a no-confidence vote among her Conservative Party lawmakers, triggered by unhappiness in the party at the way she is handling Brexit.

But Rees-Mogg does not represent all of the 117. She promised she wouldn't lead the Conservative Party into another election.

May's predecessor Cameron bet all on the referendum he lost in 2016.

Theresa May has gone back to Brussels to tell fellow leaders the United Kingdom wants a legal assurance concerning the controversial backstop clause held in the Withdrawal Agreement.

However, she played down the prospect of an "immediate breakthrough" during the two-day gathering in the Belgian capital.

Prime Minister Theresa May will be joining fellow European leaders for the December European Council gathering where it is expected further assurances over the controversial Irish backstop clause will be made.

But other Brexiteers said they would end their efforts to unseat Mrs May.

But as investors and company bosses tried to gauge the ultimate outcome of the political crisis, some were betting Brexit would be thwarted.

They could also demand a full parliamentary debate of regulations readying the financial services sector for a no-deal Brexit, which are now due to be considered in a committee.

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