Top Tory Backbencher Says Theresa May Will Resign In June

Update: The news has been confirmed in a statement from the 1922 Committee.

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After a day of meetings with Tory backbenchers, Graham Brady, the leader of the influential Tory 1922 Commission, reportedly told a reporter from ITV that May has agreed to resign next month even if her Withdrawal Agreement fails to pass during its fourth go-round in the Commons

The report has been confirmed by the BBC and the Telegraph, and is being taken seriously by the rest of the British media. Of course, it's possible that May could deny it but her talks with backbenchers have been widely followed all day and there was some expectation that they would strike some kind of a deal over her resignation.

It was reported earlier this week that May would bring her widely hated withdrawal back for an unprecedented fourth vote in the Commons, and that she is in talks with Labour to try and convince the opposition to abstain from the vote, which would increase the odds of the agreement passing.

The reaction in cable was muted, but the currency has been drifting lower all week in what has become its longest losing streak since 2000.