UK Foreign Secretary Boris Johnson resigns amid Cabinet's deep divisions over Brexit

Government Ministers Attend The Weekly Cabinet Meeting

The resignation of Foreign Minister Boris Johnson led to a pullback in rate hike expectations for the BoE from 69% to 62% with a risk a no deal Brexit scenario increasingly likely, which is somewhat worrisome for the Bank of England who have based forecasts on a smooth Brexit transition.

In a statement, May's spokesman said the prime minister will fight any attempt to oust her.

Barnier's comments come after days of upheaval in the United Kingdom, since Theresa May's attempt to bind her cabinet to an agreed approach to the Brexit negotiations triggered the resignations of the Brexit secretary, David Davis, and foreign secretary, Boris Johnson.

Davis resigned late Sunday, saying May's plan to maintain close trade and regulatory ties with the European Union gave "too much away, too easily".

"As an ardent Brexiteer, I go for the former".

Labour leader Jeremy Corbyn said Mrs May should make way for a Labour administration if her Government can not get its act together quickly.

Hunt, who had been the health secretary, is considered one of May's most loyal ministers.

Conservative leading body the 1922 Committee had a meeting to decide the Prime Minister's fate following the resignations.

The remarks will encourage Mrs May after she put her premiership on the line to force her "third way" Brexit plans through Cabinet last week.

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Leaving the gathering, leading Brexiteer Jacob Rees-Mogg said he did not think there would be a confidence vote over Mrs May. One lawmaker told the prime minister that her plan wasn't what the country had voted for.

Johnson said in his letter that May's plan to keep close economic ties with the bloc means the U.K.is heading for a "semi-Brexit" that would leave Britain with the "status of colony" within the EU.

There is talk of Davis and Johnson becoming great enemies of May and making life impossible for her from the backbenches.

"I think Dominic Raab will do a brilliant job of going in there and saying, 'This is what we want, are we going to get it and if not we have some alternatives'".

Tory Brexiteers say the proposals agreed at Friday's meeting of the Cabinet at Chequers are "Brexit in name only".

Less than nine months remain until Britain reduces the EU's membership on March 29, 2019.

"I think what Boris said was, in a way, what a lot of people feel out there that somehow we should have been being much more up front and optimistic about our country".

The "common rulebook" plan "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", he wrote to Mrs May.

And asked whether Mrs May would fight a no-confidence vote if one was called, a senior Number 10 source said simply: "Yes".

But don't worry: His real resignation letter was just more subtle with the clues.

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