Boris Johnson

What’s the Fate of UK Economy as Boris Johnson Quits

The United Kingdom is faced with uncertainty as Boris Johnson tenders his resignation letter to quit the office as the  Prime Minister of the state. The information reaching us says that Boris Johnson was forced to resign as members of his political party stepped down from the government after some ethical scandals. 

 

The unexpected resignation of the prime minister is said to have left the economy of the country hanging. The economy has been at the risk of recession and Brexit as a result of the inflation rate which might be doubled soonest. 

                     The Urge for a New Search of a Prime Minister

The state is left with no option but to choose a predecessor to rescue the world’s fifth-biggest economy from the risk of falling as the UK sterling is nearly two years lower against the United States dollar. And while the Bank of England contemplates increasing the interest rate considering its side effect on economic activities. 

 

Boris Johnson has decided to take after Theresa May to act as the caretaker until a newly elected prime minister arises. The conservative party of the United Kingdom has taken it upon itself to find a replacement for the seat of the Prime Minister of the state. However, it was made known that the search for Boris Johnson’s replacement might take a couple of weeks. 

 

The time frame of the selection of a new prime minister varies based on the number of candidates contesting. In 2019, it took Boris Johnson 2 months to become the newly elected as Theresa May stepped down. 

              Prospective Candidate for U.K Prime Minister’s Office

The prospective candidates for the position are Penny Mordaunt, the Trade Minister of the state with strong pro-Brexit credentials. Also, the retired chancellor, Rishi Sunak, the Defence Secretary, Ben Wallace, Foreign Secretary Liz Truss, Health Secretary Sajid Javid, and Nadhim Zahawi, the new Chancellor of the Exchequer. 

 

According to the International Monetary Fund, Britain is faced with the highest rate of inflation and slow economic growth. As earlier stated, the fall of the pound sterling has greatly influenced the inflation pressure. 

 

Following the narratives, whoever replaces Boris is faced with the responsibility to restore the relationship between the UK and the European Union after Boris’s negotiation on the Brexit agreement. Also, to shape the fractured party and modify the collapsing economy.

 

The exit of Boris Johnson has opened another chapter of history in the modern British political party, as the search for a savior becomes intense to save the fifth world’s biggest economy from shattering.