Sterling fell to a near four-and-a-half week low against the US dollar today, as reports of a Tory plot to topple UK Prime Minister Theresa May cast fresh doubt over her future.

The crutch that is Marks & Spencer Group’s food division is providing less of a prop.

Credit-default swaps for Marks & Spencer Group Plc were Europe’s worst performers last week on speculation that buyout companies such as Kohlberg Kravis Roberts & Co may fund a purchase of the retailer by taking on more debt.