financetom
News
financetom
/
News
/
Scandal-hit Boris Johnson eyes comeback bid as UK Tories pick new leader
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Scandal-hit Boris Johnson eyes comeback bid as UK Tories pick new leader
Oct 21, 2022 7:25 AM

Several British lawmakers, including former Prime Minister Boris Johnson, were trying to scoop up support on Friday ahead of a short, intense contest to replace Liz Truss as the nation’s leader.

Truss quit on Thursday after a turbulent 45-day term, conceding that she could not deliver on her tax-cutting economic plans.

The Conservative Party is holding a speeded-up race to replace her, which will see a new leader — who will also become prime minister — chosen within a week.

Former Treasury chief Rishi Sunak and House of Commons leader Penny Mordaunt are among the bookmakers’ favorites – along with Johnson, who was forced to resign by the party just over three months ago after becoming mired in scandals over his ethics and finances. His return would be a remarkable resurrection for a politician who is popular and polarising in equal measure.

Johnson, who remained a lawmaker after stepping down as Prime Minister, has not said whether he will run, but his allies in Parliament are working to gather support.

Nominations for a new leader will close on Monday afternoon, and candidates need the signatures of 100 of the 357 Conservative lawmakers, meaning a maximum field of three. Lawmakers will vote to knock out one of those, and will hold an indicative vote on the final two. The party’s 172,000 members will then get to decide between the two finalists in an online vote. The new leader is due to be selected by October 28.

Sunak, who came second to Truss in a summertime leadership contest, is favoured by some as a safe pair of hands who can steady the struggling economy. Mordaunt, who came third, is popular with the party grassroots.

But the wild card in the contest is Johnson, who is adored by some in the party as a proven vote-winner with a rare common touch, and reviled by others for the chaos and scandal that marred his three years in office.

Johnson's ally Nadine Dorries said the party should pick him because “he is a known winner” who led the Conservatives to a big election victory in 2019.

Also Read: A timeline of Liz Truss' downfall as UK Prime Minister

“Having a winner in place is what the party needs to survive,” she told Sky News.

But some other Conservative legislators said they would leave the party if Johnson — who faces an ongoing probe by a standards committee over whether he lied to Parliament — returned as leader.

In July, Johnson was abandoned by ministers and his Conservative Party's lawmakers who said he was no longer fit to govern.

Johnson was facing the heat for his shifting claims on Chris Pincher, a lawmaker who stepped down as a government whip on June 30 following allegations of sexual misconduct.

Pincher resigned saying he had embarrassed himself and other people in a state of drunkenness. Following the resignation, the government announced that no further action would be taken against Pincher and that he would remain an MP as he had recognised his misconduct. This enraged the Conservative MPs, BBC reported.

This is not the first time allegations of sexual misconduct were levelled against Pincher. He was, however, elevated to the position of power as the party's deputy chief whip by Johnson. In July, Johnson admitted he was informed about the complaint in 2019 and apologised for appointing Pincher to the government role.

“I cannot see any way forward in government, at any level, for somebody who is under that kind of scrutiny, and I think highly divisive,” Tory legislator Roger Gale told Times Radio. “And I think that there would be people, indeed like myself, who would find ourselves in the awful position of having to resign the Conservative whip.”

The party’s second leadership contest this year comes after Truss became the shortest-serving prime minister in British history. She was elected leader by the Conservatives early last month after a party election to replace Johnson.

Truss' free-market economic package roiled financial markets, drove up the cost of government borrowing and home mortgages and forced emergency Bank of England intervention. Truss executed a series of U-turns and replaced her Treasury chief but faced rebellion from lawmakers in her party.

“I cannot deliver the mandate on which I was elected by the Conservative Party," Truss admitted on Thursday.

The new leader will be Britain’s third Prime Minister this year, and the Conservative turmoil is fueling demands for a national election. Under Britain’s Parliamentary system there does not need to be one until 2024, five years after the 2019 contest that was won by the Conservatives under Johnson.

Opposition politicians say the tumult since then — and the decision by Truss to rip up many of the policies on which Johnson was elected — means the government lacks democratic legitimacy.

Polls suggest that if an election was held now it would be a wipeout for the Conservatives, with the left-of-center Labour Party winning a large majority.

Labour leader Keir Starmer accused the Conservatives of presiding over a “revolving door of chaos.”

“This is doing huge damage to our economy and the reputation of our country,” he said, adding, “We must have a chance at a fresh start. We need a general election — now.”

Also Read: UK opposition party leader calls for general election after Truss resignation

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Dow retreat slows and S&P 500 holds above 5000, while Hang Seng rallies sharply
Dow retreat slows and S&P 500 holds above 5000, while Hang Seng rallies sharply
Apr 18, 2024
Dow Jones, SP 500, Hang Seng Analysis and Charts ​​​Dow losses halted for now ​The run of losses for the index appears to have slowed, with the price holding above the lows seen on Monday around 37,600.​ In the short term, a close above 38,000 and then above the 100-day simple moving average (SMA), currently 38,107, could suggest that a...
USD/JPY Latest: Trilateral Meeting Hints at Co
USD/JPY Latest: Trilateral Meeting Hints at Co
Apr 18, 2024
USD/JPY News and Analysis Janet Yellen meets with Asian finance officials as intervention speculation risesUSD/JPY edges slightly lower after trilateral meetingEffectiveness of FX intervention efforts rise on multi-party allianceGet your hands on the Japanese yen Q2 outlook today for exclusive insights into key market catalysts that should be on every trader's radar: Recommended by Richard Snow Get Your Free JPY...
Euro approaches week high amid positive outlook
Euro approaches week high amid positive outlook
Apr 18, 2024
Euro rose in European trade on Thursday against a basket of major rivals, extending gains for the second day against the dollar and approaching one-week highs amid a strong risk appetite in the market. The common currency is trying to recover from recent five-month lows, trading above $1.07 once more. However negative pressures remain, with the ECB likely to start...
USDZAR Price Forecast: Rand Remains Steady after Local CPI Inflation
USDZAR Price Forecast: Rand Remains Steady after Local CPI Inflation
Apr 18, 2024
USD/ZAR Key Takeaways: 1. Moderate Decrease in Inflation: In March 2024, consumer price inflation for urban areas saw a slight decrease to 5.3% from 5.6% in February. 2. Key Drivers of Inflation: The annual inflation rate was significantly influenced by increases in housing and utilities, miscellaneous goods and services, food and non-alcoholic beverages, and transport costs. 3. Shift in Goods...
Copyright 2023-2026 - www.financetom.com All Rights Reserved