May Backtracks on Vote as Pressure to Go Mounts: Brexit Update

(Bloomberg) -- Theresa May is on her way out -- the only question is when she’ll go -- and her party is bracing for a humiliating defeat in European elections on Thursday.

Key Developments:

May Backtracks on Plan for Vote on Brexit Bill (11:35 a.m.)

May’s key piece of Brexit legislation isn’t listed for debate in the first week of June, as had been planned. Instead, the prime minister is revising the draft and discussing it with ministers.

The Leader of the House of Commons’ Twitter feed published the order of business for the first week back after the recess and the Brexit bill isn’t on it.

However, there’s still a plan to publish the bill in the week of June, government whip Mark Spencer told Parliament. May is discussing the text of the legislation with ministers, her spokesman told reporters on Thursday. The government still hopes to put it to a vote that week.

The original plan was for May to put the bill to a vote the first week of June. After that ballot she would set out a timetable for her departure and the leadership race to replace her. With speculation mounting that May could resign within days, this could soon all be moot.

The Rivals Queuing Up to Replace Theresa May

Duncan Smith Sees Her Replaced By Summer (10:20 a.m.)

Iain Duncan Smith, a Brexiteer and former Tory leader, said May’s successor could be in place before U.K. Parliament closes for its summer break - usually at the end of July.

“Politics is a nasty sometimes brutal, ghastly business... she has no confidence, not just within her party but in the cabinet too,” Duncan Smith told TalkRadio. “The best thing is to break away and find a new leader, someone who campaigned for Brexit and believes in Brexit in any form.”

There’s been a lot of speculation about when the new leader could be in place as the process for the leadership race takes a couple of months. The first step is for the parliamentary party to have bi-weekly ballots to whittle down the list of candidates to two. Then the final two go the 120,000 members to choose the winner.

When Will She Go? (9 a.m.)

The Times and Daily Mail report she could go on Friday, but that’s not confirmed and May’s office isn’t commenting. The election results aren’t published until Sunday night.

Another consideration is that May has agreed to meet the panel of rank-and-file lawmakers on Friday. They may decide to act then -- though so far they’ve shown reluctance to put the boot in.

Mercer Backs Johnson (Earlier)

Johnny Mercer, an MP who is considered a rising star in the Tory party, told ITV he was backing Boris Johnson in the leadership race to replace May.

Earlier:

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