While Theresa May has survived the vote of no confidence, the manner of the victory was unconvincing with the initial result showing that even though 200 Tory MPs voted in her favour there were 117 calling for her to be replaced. This level of support is above the 199 who voted for her in the leadership contest but still represents an uncomfortably large amount of dissent and is a long way from the decisive victory she would have hoped for.
All things considered this is far from a comprehensive victory for May and the result has caused some selling in the markets with the pound erasing earlier gains and heading back lower. Given that more than a third of her own party voted against her it seems increasingly implausible that she will get the requisite backing in parliament to push through her deal and the result leaves the overall level of uncertainty at unprecedented heights - something that doesn’t bode well for the pound!