Theresa May’s attempt to secure backing for her draft Brexit treaty at a historic cabinet meeting dragged into the evening as Tory Eurosceptic MPs edged closer to triggering a vote of no-confidence in the British prime minister.

Wednesday’s marathon cabinet meeting — which was set to last at least five hours — came after negotiators in Brussels ended months of talks by agreeing to Britain’s terms for leaving the EU.

Uncertainty over the outcome of the meeting saw the pound flit between gains and losses through the day. The currency had been up as much as 0.7 per cent and traded down by as much as 0.5 per cent. By early evening on Thursday, the pound was trading flat at $1.2973.

The British prime minister needs to win over her Brexiter cabinet ministers to have a decent chance of getting the agreement through Parliament in the coming weeks. “The fact that it has overrun is clearly not a good sign for her,” said one Eurosceptic figure.

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