At least 48 Conservative Party members of Britain's Parliament have signed a letter to trigger a no-confidence vote in Prime Minister Theresa May. Graham Brady, leader of the 1922 Committee that oversees Tory leadership contests, says the vote will happen between 6 and 8 p.m. on Wednesday, London time (1-3 p.m. ET). If May gets fewer than 158 votes, or a majority of Conservative MPs, she will be forced to step down and the Tories would vote on a new leader. If she wins, she can't be challenged again for another year.
The leadership challenge is from pro-Brexit Conservatives who are concerned that she is bungling Britain's divorce from the European Union, especially after she pulled her unpopular Brexit plan before a House of Commons vote on Monday. "Normally when a prime minister loses her main policy she resigns, that is the main constitutional convention, they don't just carry on regardless," Tory MP Jacob Rees-Mogg, a former May ally who signed the no-confidence letter, told CNBC on Tuesday. "The prime minister only holds office as long as she maintains the confidence of the House of Commons."
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