OPINION
Market Rating Before FOMC MeetingJan 31
The Race for UK PM Heats Up
Recently, the world is focused on the resignations in the United Kingdom Cabinet.
Prime Minister Boris Johnson's resignation was demanded by the opposition after the entertainment events he attended during the period when the lockdown measures were implemented in the coronavirus pandemic, while the prime minister's seat had also been in trouble for a long time. As a matter of fact, Prime Minister Johnson had received a large amount of fines many times and refused calls for his resignation, which was followed by an apology.
However, the reactions to Prime Minister Johnson have never calmed down. In early June, a vote of no confidence was held in the Conservative Party after 54 MPs from the Prime Minister's own party wrote a letter of no confidence against Johnson. In a vote of no confidence held when the dates indicated June 6, Johnson had a victory by 211 votes against 148. Despite this, resignations started to come one after another within the last 2 weeks.
First, on July 5, Chancellor of Excheayer Rishi Sunak and Health Minister Sajid Javid resigned from their duties. Javid, the Minister of Health, stated that he was resigning because he did not have confidence in Prime Minister Boris Johnson.
The resignations continue after the two ministers left office. Industry Minister Lee Rowley and four other Cabinet members resigned, while a total of 56 members of parliament and ministers were involved in the resignation wave in as little as 48 hours. Unable to withstand the pressure, Prime Minister Boris Johnson also announced on July 7 that he was resigning from the leadership of his party and would continue as Prime Minister until a new leader was elected.
After the resignation of the Prime Minister, the leadership race in the country has officially started. Last week, the first round of voting among Conservative party MPs included 8 nominees who could replace Boris Johnson. In the first round of voting, Rishi Sunak received 88 votes, followed by Minister for Foreign Trade Penny Mordaunt with 67 votes and Foreign Minister Liz Truss with 50 votes.
In the second voting held on Thursday, Rishi Sunak finished ahead of Trade Minister Penny Mordaunt, who received 83 votes to 101. Liz Truss was announced as the third with 64 votes. As a result, Suella Braverman, who received the votes of 27 deputies, was eliminated.
Making statements after the vote Rishi Sunak stressed that their priority is not tax cuts, but inflation, and said that if elected Prime Minister, they will review all European Union rules within British law.
The candidate with the fewest votes will be eliminated in the third voting to be held in the party's parliamentary group today. Although sources close to the matter suggest that the last two remaining candidates in the voting results are likely to go to the second round of voting over the summer, they assess that the outlook may still change when the last election is held. As of July 21, the remaining two candidates are expected to continue their political campaigns to get votes, and the British Prime Minister is expected to be officially elected on September 5. In the process, it seems likely that policy uncertainty will put pressure on pound assets.
Prime Minister Boris Johnson's resignation was demanded by the opposition after the entertainment events he attended during the period when the lockdown measures were implemented in the coronavirus pandemic, while the prime minister's seat had also been in trouble for a long time. As a matter of fact, Prime Minister Johnson had received a large amount of fines many times and refused calls for his resignation, which was followed by an apology.
However, the reactions to Prime Minister Johnson have never calmed down. In early June, a vote of no confidence was held in the Conservative Party after 54 MPs from the Prime Minister's own party wrote a letter of no confidence against Johnson. In a vote of no confidence held when the dates indicated June 6, Johnson had a victory by 211 votes against 148. Despite this, resignations started to come one after another within the last 2 weeks.
First, on July 5, Chancellor of Excheayer Rishi Sunak and Health Minister Sajid Javid resigned from their duties. Javid, the Minister of Health, stated that he was resigning because he did not have confidence in Prime Minister Boris Johnson.
The resignations continue after the two ministers left office. Industry Minister Lee Rowley and four other Cabinet members resigned, while a total of 56 members of parliament and ministers were involved in the resignation wave in as little as 48 hours. Unable to withstand the pressure, Prime Minister Boris Johnson also announced on July 7 that he was resigning from the leadership of his party and would continue as Prime Minister until a new leader was elected.
After the resignation of the Prime Minister, the leadership race in the country has officially started. Last week, the first round of voting among Conservative party MPs included 8 nominees who could replace Boris Johnson. In the first round of voting, Rishi Sunak received 88 votes, followed by Minister for Foreign Trade Penny Mordaunt with 67 votes and Foreign Minister Liz Truss with 50 votes.
In the second voting held on Thursday, Rishi Sunak finished ahead of Trade Minister Penny Mordaunt, who received 83 votes to 101. Liz Truss was announced as the third with 64 votes. As a result, Suella Braverman, who received the votes of 27 deputies, was eliminated.
Making statements after the vote Rishi Sunak stressed that their priority is not tax cuts, but inflation, and said that if elected Prime Minister, they will review all European Union rules within British law.
The candidate with the fewest votes will be eliminated in the third voting to be held in the party's parliamentary group today. Although sources close to the matter suggest that the last two remaining candidates in the voting results are likely to go to the second round of voting over the summer, they assess that the outlook may still change when the last election is held. As of July 21, the remaining two candidates are expected to continue their political campaigns to get votes, and the British Prime Minister is expected to be officially elected on September 5. In the process, it seems likely that policy uncertainty will put pressure on pound assets.
