Sterling and stocks steady after plunging in the wake of Theresa May’s Brexit deal

Sterling held steady during Friday's early trading after a day of turmoil on Thursday, which saw several ministerial resignations in the wake of Theresa May's draft Brexit deal. 

The pound rose by 0.3 per cent to above the $1.28 mark, having plummeted by its biggest margin for two years, yesterday. 

The FTSE 100 and FTSE 250 both saw an increase in their index by at least 0.5 per cent, as some of the shares hit the hardest following the Brexit deal announcement – due to their exposure to the UK economy – began to stabilise.

The pound came off its high of $1.305 after May announced the cabinet’s backing for her Brexit deal and fell by more than 2 per cent to below the $1.28 mark.

Resignations from cabinet ministers, including Brexit secretary Dominic Raab, served to increase the uncertainty over how the UK would navigate its EU exit. 

Work and pensions secretary Esther McVey joined the minister of state for Northern Ireland, Shailesh Vara, in quitting, along with two junior ministers and several ministerial aides who also left their roles in protest.