New prime minister
A new prime minister is expected to be named Monday following a leadership contest within the ruling Conservative Party, which was at times brutal and bitter.
A speech announcing the departure of Theresa May is anticipated to begin at 12:30 p.m. London time today.
It will be delivered by Graham Brady, the chair of the 1922 Committee, who is a group of Conservative Members of Parliament who are not government ministers.
With current Prime Minister Boris Johnson resigning, a leadership election was triggered.
In resignation letter released on July 7, he mentioned that over the last 10 months, the Tories lost to Labour in no less than six different by-elections, “dug an ever-deepening hole of public distrust.”
Peter Johnson has been in charge since the party decided between the candidates.
He has not yet formally resigned from office, as he must first attend an audience with Queen Elizabeth II to officially inform her that he is stepping down.
Sunak or Truss?
Truss is in the lead for becoming the next prime minister, as she and Sunak have made it to the final round of the race.
Truss is a runner-up in Conservative Party members’ contest
Truss and Sunak have engaged in campaigns for the last eight weeks to try to win over party members.
With those views, the 28 economists have lately been mentioning that the Bank of England should focus on how to stimulate the economy and how to scrutinize an austerity proposal by using models such as cash-in-hand – which can spur on more economic movement.
The result was chosen exclusively by members of the Conservative Party, which includes 180,000 people out of the 65 million living in the UK.
The Conservative Party is said to own over 7000 companies and have close ties with several corporate backers.
The vote was carried out as a postal ballot which closed on Sept. 2.
Once the person who is believed to be the popular choice is announced, the appointment process for prime ministers begins formally.
The article will include an account of the queen’s footsteps at Balmoral Castle, which she is planning to attend during their 2017 visit.
There is a somewhat unexpected departure from tradition for this election, as the 15th Prime Minister will not be appointed at the Queen’s London home, Buckingham Palace.
Reportedly, 96-year-old Queen Elizabeth of England chose to travel to her rather than make a 500-mile journey to London at first due to “episodic mobility issues.”
This is why Prime Minister Theresa May made the decision to fly to the queen.
A ‘giveaway budget’ from the new PM?
The cost of living will likely be the first thing on the agenda for whoever will move into 10 Downing Street, as U.K.
Energy bills are set to rise by 80% in October. Additionally, investors are warning that inflation could hit 22% next year.
This week in CNBC, Alan Custis predicted the next U.K. Prime Minister will be supportive of energy costs.
Prime Minister Custis explained, “The first thing you want to do is create a quick honeymoon period.”
“As soon as the winner is announced, there’s a potential for a giveaway budget to be created,” he said.