The U.K. Prime Minister Theresa May has hit back at a plan to remove her from power, saying she will stay in place to provide "calm leadership."
Speaking at a charity coffee morning on Friday, May told reporters that "the country needs calm leadership and that is exactly what I am providing."
Her comments come as former Conservative Chairman Grant Shapps broke cover to admit that he is leading a plot to force May to call a leadership election.
Following the open challenge to May's premiership, the pound fell and at 11:30 a.m. London time was 0.42 percent lower against the dollar at $1.3062. Following May's statement, sterling briefly rebounded to top $1.31.
Speaking to BBC Radio 4 late Thursday, Shapps said as many as 30 MPs (members of Parliament) backed him and felt the question of who should lead Britain would not be "to bury our heads in the sand and hope things will get better."
Shapps said May had failed to successfully relaunch the U.K. Conservative Party after the recent general election that saw her the party lose its majority and forced into coalition rule with the Democratic Unionist Party (DUP).
Shapps added: "I believe Theresa May is a very decent person and unfortunately fought an election that didn't work out. We've not really managed to see that relaunch."