Pound falls below $1.31 as pressure mounts on Theresa May over Brexit – business live

Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.

The pound has fallen this morning as pressure mounts on prime minister Theresa May over Britain’s exit from the European Union, ahead of some crucial votes in parliament this week.

Sterling has shed almost a cent this morning, to below $1.31, after the Sunday Times reported that 40 Conservative members of Parliament have agreed to sign a letter of no confidence in her.

That’s close to the number needed to trigger a formal leadership battle, creating new jitters in the City and beyond about the stability of the UK government.

In another significant move, foreign secretary Boris Johnson and environment secretary Michael Gove have written a letter to May complaining that “some parts of Government” aren’t doing enough to prepare for a hard Brexit.

This letter, which leaked over the weekend, appears to be an attempt to undermine chancellor Philip Hammond (as he puts the finishing touches to next week’s budget).

(@hendopolis)

GUARDIAN: Brexiteers send PM ‘Orwellian’ set of demands #tomorrowspaperstoday pic.twitter.com/M5tkspLrFG

November 12, 2017

One minister has described the move as “Orwellian”, suggesting that the cabinet is badly split as MPs return to parliament to debate the Brexit bill.

It all tees up another dramatic week, with parliament due to start debating the EU withdrawal bill again on Tuesday. There will be fireworks, with a group of MPs planning to propose an amendment to give Parliament a binding vote on the final divorce deal between Britain and the EU…..

Also coming up today…

Bookmaker Ladbrokes and housebuilder Taylor Wimpey are reporting results this morning.

We’ll also keep an eye on the Dubai Air Show – yesterday, Emirates announced a $15bn deal with Boeing. That was a surprise, as Airbus was expected to win a big deal for its Airbus A380 superjumbo – can it bounce back today?