Over the weekend, speculation mounted of a political coup to oust Theresa May as early as Monday mornin, in the run up to her extended Brexit deadline day of April 12. The Prime Minister is under pressure to pass her deal through parliament before that date – or the UK will crash out of the EU without a deal. Now, the Confederation of British Industry (CBI), Britain’s biggest business group, denounced the state of Brexit as ”a national emergency” – revealing optimism around Britain’s financial services had plunged at its fastest rate since the global financial crisis of 2008/2009.

The industry group called for a no-deal Brexit to be ruled out after its latest survey showed business volumes had also fallen sharply in the first quarter of the year, due to uncertainty surrounding the UK’s withdrawal from the bloc.

CBI chief economist Rain Newton-Smith: “No-deal has to be clearly ruled out, then MPs must finally compromise and deliver a solution that protects jobs, livelihoods and communities across the UK.

“It is in absolutely nobody’s interest for the uncertainty to drag on, and continually chip away at our economy and financial services sector.”

Mrs May is expected to bring he Brexit deal to the Commons this week for a meaningful vote – but MPs could take control of Brexit proceedings by hosting a series of indicative votes to force a solution.

Despite calls for embattled leader’s resignation, defacto deputy David Lidlington and environment secretary Michael Gove claimed they were distancing themselves from suggestions they were in the running to replace Mrs May as a caretaker Prime Minister.

Meanwhile, Chancellor Philip Hammond has appeared to soften his stance on the option of a second referendum, describing it as a “perfectly coherent proposition”.

He told Sky News it was “very difficult to see Mrs May’s deal being passed by Parliament on a third attempt – and that MPs would now “have to choose a way forward”.

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