Brady is the chairman of the 1922 committee
- Spoke by telephone to Theresa May yesterday evening
- Says that May was keen to resolve this as rapidly as possible
- Says that May will address the 1922 committee later today at 1700 GMT
- It is in the interests of the country to get on with this as quickly as possible
- Speculation was damaging May's position
The pound is still holding steady after the earlier drop, with cable now at 1.2490 currently. Much of the fear from the headlines here has already been priced in yesterday when all the rumours were swimming about, and that's why we're not seeing a further drop in the pound just yet.
It is what comes next that is the real issue. If May successfully wins the leadership contest, expect the pound to soar. If she loses it, she'll be ousted from the Tory party but then we'll have to see if there is any credible candidate to replace her. This may yet drag on for the next few days until someone decides to take up the challenge.
