British Prime Minister Theresa May said on Sunday that the number of letters required to trigger a no-confidence vote in the Parliament had not been met.
"As far as I know, no, it has not," May told Sky News, when asked if the threshold had been met for a formal leadership contest, Reuters reported.
Under the Conservative Party's own rules, 48 letters of no confidence in May are required to trigger a challenge. At least 20 have been made public and it's expected that a number of others have been sent but not declared.
If 48 Conservative MPs (Members of Parliament) back a no-confidence vote, there will be a leadership contest and the prime minister would need more than 50 percent of the vote to stay in office. On the plus side, should she win that vote, she could not be challenged again for at least a year. A vote could happen as early as Monday.
Speaking to Sky News, May said she was going to Brussels to meet European Commission president Jean-Claude Juncker. She further added that when the deal comes to the Parliament, lawmakers should think about the need to deliver on Brexit. If the deal is voted down by the Parliament, May said, the government would come back with proposals for the next step.
Last week, May said she had obtained enough support from her senior ministers for her draft Brexit deal to move forward. This came after she also received support from officials at the EU earlier in the week.
Sterling plunged to $1.2833 from around $1.2994 on Thursday, following news of Raab's resignation. The currency had a volatile week driven by uncertainties surrounding the fate of May's draft Brexit deal in the U.K. Parliament. The pound has since stabilized, and Friday morning had scrambled higher to $1.2807 versus the dollar. Further weakness in sterling is forecast however with uncertainties surrounding May's leadership.
However, May told Sky News that changing leadership will not make negotiations easier. She further added that U.K. should not reach a situation where Brexit is delayed or people try to stop it from happening.
May also said that a second referendum is not on the cards.
- CNBC's David Reid contributed to this story.
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