Johnson quit Monday with an incendiary letter accusing May of killing "the Brexit dream" and flying "white flags" of surrender in negotiations with the European Union. She said she would present a detailed paper on Thursday on the government's negotiating position for a post-Brexit relationship with the EU. Brexiteer Chris Green also resigned Monday evening from his post as Parliamentary Private Secretary.
The Pound was quoted 0.35% lower against the Dollar at 1.3262 following the reports of Johnson's resignation, after reversing an earlier 0.58% gain, while the Pound-to-Euro exchange rate swiftly converted a 0.26% gain into a 0.31% loss that left it trading at 1.1272.
May met with Conservative lawmakers in a packed room at Parliament, in a bid to calm the feverish atmosphere in the deeply divided party.
Jeremy Wright, former Attorney General, has been appointed Culture Secretary following Hancock's promotion.
"As we developed our policy on Brexit, I have allowed Cabinet colleagues considerable latitude to express their views", she said in her letter of response to him. Hunt, who backed the "remain" side in Britain's 2016 European Union membership referendum, favors keeping close economic ties to the bloc after the United Kingdom leaves next year. Later, he told the BBC the United Kingdom was giving "too much away, too easily" in negotiations with the EU.
David Davis quits as Brexit Secretary
As we developed our policy on Brexit, I have allowed Cabinet colleagues considerable latitude to express their individual views. May was asked by an opposition lawmaker Monday whether she would contest a vote of confidence if one came rather than resign.
Addressing parliament today, the Prime Minister told MPs: "We do not agree about the best way of delivering our shared commitment to honouring the result of the referendum".
Money is meanwhile being raised to help fund backbencher Jacob Rees-Mogg should be opt to try and run for Prime Minister in the event of a Conservative Party leadership vote.
With Johnson's resignation, a noisy rebellion among the ranks could gather steam.
"He'd never have wanted to resign from one of the great offices of state".
At a Cabinet meeting Friday, May demanded members support a plan for Brexit that it would include Britain partly remaining in the single market and signing up to a "common rulebook" for goods.