Rishi Sunak could be elected Conservative Party leader and UK prime minister if it receives enough votes from lawmakers on Monday.
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LONDON – Former Finance Minister Rishi Sunak looks set to become the UK’s next prime minister, with votes to be counted on Monday afternoon.
Sunak could be confirmed as the next Conservative Party leader and UK prime minister as early as 2pm on Monday, by which point candidates need to have at least 100 nominations from Tory lawmakers to become the leader of the party.
Former Prime Minister Boris Johnson is Sunak’s biggest competitor, but he dropped out of the race late Sunday.
The only candidate left for the leadership position is Penny Mordaunt, a former defense ministerwho was behind Sunak in the initial bid to take the helm of the Conservative Party in September.
If both Sunak and Mordaunt have more than 100 supporters on Monday and neither decides to withdraw, members of the broader Conservative Party will vote for their new leader, who will then be announced. dad on Friday.
Sunak is said to have at least 150 public supporters, according to Sky Newswhile Mordaunt is said to have around 23, with 357 legislators eligible to vote.
It remains unclear how many pro-Johnson Conservative lawmakers will switch to backing Sunak or Mordaunt.
Gilt reduces production
Sterling rose and 10-year gold-plated yields fell to a one-month low early Monday, briefly touching 3.814%, down 21 basis points during the session.
According to Susannah Streeter, senior investment and market analyst at Hargreaves Lansdown, the change was prompted by Truss and Johnson’s resignations from the lead race.
“Johnson has threatened to cause new political turmoil, with less than two months to go since he left the job, so his withdrawal from the race provides a sigh of relief for his colleagues. pound and even more relief in the bond market,” Streeter wrote in an analyst note on Monday.
“It’s a sign that caution over bonds has been tempered by expectations of a calmer political horizon with fiscal responsibility heralded as the Prime Minister’s new mantra,” she said. upcoming generals.
A new prime minister will be chosen after Liz Truss announces her resignation Thursday after just 44 days in the role. Pressure drove the short-term leader to quit after her new fiscal policies failed and caused market turmoil.
