Pound Slides As Three Tory MPs Quit Party And Join "Independent Group"

And just like that...the newly formed "Independent Group" is now larger than the DUP - the Irish unionist party that has allied with members of the ERG to sabotage Theresa May's Brexit deal.

After the eighth Labour MP departed the party Tuesday night to join the newly formed group, which was created earlier this week when seven Labour MPs announced they would leave the party over its failure to adequately oppose Brexit (as well as its inability to eradicate antisemitism in the party), the "nonpartisan" group has officially achieved bipartisan status as three conservative MPs have announced that they will depart the Tories, which they accused of being unduly beholden to the European Research Group faction and the DUP.

In a statement, they accused the Tories of lurching to the right and embracing "UKIP" policies, according to the Guardian.

In a letter to Prime Minister Theresa May, the three MPs wrote: "We no longer feel we can remain in the party of a government whose policies and priorities are so firmly in the grip of the ERG and DUP."

“Brexit has re-defined the Conservative party – undoing all the efforts to modernise it. There has been a dismal failure to stand up to the hardline ERG, which operates openly as a party within a party, with its own leader, whip and policy.”

The three MPs also said Theresa May's handling of Brexit had been "disastrous" and that no effort had been made to build a consensus.

Read the full statement below:

The departure weighed on the pound Wednesday morning as it added to a flurry of GBP-negative news, which included the EU's confirmation that it wouldn't consider changes to the Irish backstop or a deadline on the backstop.


Here's a graphic showing the membership of the group, which now includes 11 MPs despite having no leader, structure or platform other than 'hard Brexit bad':