Rishi Sunak increases his chances of becoming Prime Minister
Former British finance minister Rishi Sunak became the favorite to lead the Conservative Party, only to take over as prime minister after former prime minister Boris Johnson abandoned his offer to return to power.
Reports state that Sunak has garnered the support of more than 190 members of the ruling Conservative Party in the House of Commons to run for leadership elections, an increase of at least 90 members from the minimum required to enter the race.
Sunak’s only remaining rival, Benny Mordaunt, has less than two hours to secure 100 MP support to stay in the race.
Mordaunt’s campaign claims to have won the support of 90 MPs, according to one of the sources, but the campaign did not mention the names of the MPs who supported it, to verify the number. Available information indicates that the number of MEPs supporting Mordaunt’s candidacy did not reach thirty.
Today Sunak can be confirmed as prime minister, becoming Britain’s third prime minister within seven weeks.
The opposition Labor Party renewed its call for a general election, saying voters had the right to vote on the country’s future.
Johnson said he would withdraw from the race because he would not be able to govern effectively and the party was not united. But he confirmed that he believed in his ability to win the race.
Nominations close for the Monday afternoon ballot and candidates need the approval of at least 100 Conservative MPs to proceed.
Robbie Moore, a Conservative MP who supports Benny Mordaunt, says he is “absolutely confident we have the numbers” to force a runoff with Rishi Sunak.
Ben Mordaunt’s campaign insists that the race remains undecided.
Johnson had managed to get the support of 54, according to the BBC, although he said he had the support of 102.
Not all 357 party deputies in parliament have announced which candidates they support.
Sunak is likely to become prime minister on Monday afternoon. According to the Conservative Party, there will certainly be a new prime minister by the weekend.
Johnson said the race attracted him “because I led our party to a massive election victory less than three years ago – and so I think I’m in a unique position to avoid a general election now.”
“The general election will be another terrible distraction at a time when the government must focus on the economic pressures that families across the country are facing,” he added.
The next general elections are expected to be held by January 2025 at the latest.
But the new prime minister – the third this year – could come under increasing pressure from opposition parties to call for general elections before then.
The rise of the pound against the dollar
After Boris Johnson withdrew from the Conservative Party leadership race, the British pound rose against the dollar.
The rate of rise for the pound on Monday morning was around 0.4 percent, reaching 1.134 against the dollar.
Meanwhile, the government’s borrowing costs declined as markets opened after the weekend.
The British pound dropped to an all-time low against the dollar last month, and government borrowing costs rose sharply in the wake of outgoing Prime Minister Liz Terrace’s mini-budget.
Investors got scared after former finance minister Kwasi Quarting promised deep tax cuts, without clarifying how the compensation would be paid, something Sunak warned of during the Tory leadership contest this summer.
New Treasury Secretary Jeremy Hunt pulled back nearly all TRACE tax cuts last week in an effort to stabilize financial markets, but they remained tense.
On Friday, the British pound fell as low as 1.11 against the dollar and government borrowing costs increased amid continued political uncertainty and new warnings about the British economy.
