U.K. Labour Party Leader Jeremy Corbyn Loses No-confidence Vote

By Markets MarketWatch Pulse

Embattled U.K. Labour Party leader Jeremy Corbyn has lost a vote of no-confidence by a wide margin, according to a report from Sky News. 172 MPs voted for the motion, Sky reported, while 40 voted against it. While the vote was nonbinding, it's likely that several of Corbyn's rivals will challenge him in a leadership contest. More than 40 Labour MPs on Corbyn's front bench and in his shadow cabinet have quit since the U.K. voted to leave the European Union in a historic referendum on Thursday. Disaffected MPs charge that Corbyn did little to bolster support for the "remain" vote. The British pound trimmed its gains slightly following the reports, buying $1.3310 in recent trade.

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