Cable below 1.30
There are two questions. The first is whether they can get a divorce deal worked out, with the main snag still the Irish border. The second is whether they can get that deal through Parliament.
There have been a series of Conservatives quitting cabinet in the past six months but the worry is that they hit a tipping point. The fear right now is that Johnson was briefed on the contents of the deal and that pushed him over the edge.
Will others follow? The drop in GBP is saying that the risks are rising. May doesn’t have much room for error.