It was confirmed today that Theresa May will resign from her role as Prime Minister on June 7th.
It was announced early this morning that the Prime Minister wanted to make a statement to the press and public.
Many believed it was the moment she would announce her resignation.
Theresa May’s Time As Prime Minister
Theresa May’s time as Prime Minister has been centred around finding an appropriate deal for Brexit.
Her negotiations were repeatedly voted down by both Labour and her Conservative government. Just this week she was set to announce a brand new deal to parliament.
However, the new deal didn’t even make it to parliament. Many of her own MPs expressed that they would reject the deal straight away, as they didn’t believe enough changes had been made to it.
A Tearful Farewell Statement
In her statement, Theresa May explained that she has worked hard to make the UK a country that works for the many, not for the few, and to deliver Brexit.
However, all of her best efforts to convince MPs to back her Brexit deal have been unsuccessful.
Therefore she has decided to resign as leader of the Conservative party on Friday 7th June, and the process to find a new leader will begin the following week.
She also said, through tears in her eyes, that it was the ‘honour of my life’ to serve ‘the country I love’ and that she was honoured to be the ‘second female prime minister, but certainly not the last’.
What Happens Next With Brexit?
The Conservatives will now vote on a new leader and it will be a hotly fought contest.
Many MP’s are in the running: Boris Johnson, Dominic Raab, Michael Gove, Jeremy Hunt and Jacob Rees-Mogg to name a few.
With so many front runners vying for the prize of serving the country as Prime Minister, it seems unlikely that the Conservatives will manage to agree a new EU deal before the 31st October deadline.
Business owners should prepare for more uncertainty moving forward. The recent trends of spending little and delaying on big business decisions, unfortunately, looks set to continue.
Is There A General Election On The Horizon?
Many believe that the different factions within the Conservative party can’t actually be united. It is believed that the only way forward is to start again with a General Election.
A new Conservative Prime Minister means that fresh votes of no confidence can be made. If these are backed in parliament there will be a General Election by the end of the year.
A General Election isn’t necessarily good news though. It all depends on whether the country is united on who should lead Brexit negotiations.
If the public cannot agree on one party, and the Conservatives or Labour have to join forces for a hung parliament, we could be back to the start with Brexit.
Reaching a final deal on Brexit could be just as difficult with a new hung parliament than the process we have just experienced, and the cycle could repeat all over again.
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