Dominic Raab has resigned as Brexit Secretary. In a statement he said he “cannot in good conscience support the terms proposed for our deal with the EU.”

The pound has plunged on the back of Raab’s surprise resignation. Last night, after the United Kingdom and European Union agreed on the text of a Brexit withdrawal agreement, British Chancellor Phillip Hammond held a conference call with business leaders to convince them the draft agreement was the way forward. But Raab’s resignation has sent the business community back into uncertainty with the threat of a no deal scenario resurfacing.

When addressing the House Thursday morning, British Prime Minister Theresa May said Wednesday's deal is not the final Brexit deal. May said that delivering Brexit involves difficult choices. She said she respected the views of those who resigned and thanked them.

“There is no deal which delivers the Brexit the British people voted for without this insurance policy,” May said, referring to the Irish border backstop agreement that has infuriated some Brexiters.

Two Cabinet ministers, two junior ministers and a parliamentary aide resigned on Thursday morning, just hours after May won approval from her Cabinet for the draft Brexit deal.