In what The Economist calls "Clownfall," UK Prime Minister Boris Johnson (Cons) this morning resigned as Conservative Party leader and will leave Number 10 as soon as the party chooses his replacement. But the Tories have deeper issues—after all, they supported him through every scandal but this last one:
Boris Johnson’s government has collapsed at last. For months Britain’s prime minister wriggled out of one scandal after another. Now, irretrievably rejected by his own MPs, he has accepted that his premiership is over. He has asked to stay until the autumn, but he should go immediately.
Mr Johnson was brought down by his own dishonesty, so some may conclude that a simple change of leadership will be enough to get Britain back on course. If only. Although Mr Johnson’s fingerprints are all over today’s mess, the problems run deeper than one man. Unless the ruling Conservative Party musters the fortitude to face that fact, Britain’s many social and economic difficulties will only worsen.
Right up until the end Mr Johnson clung desperately to power, arguing that he had a direct mandate from the people. That was always nonsense: his legitimacy derived from Parliament. Like America’s former president, Donald Trump, the more he hung on the more he disqualified himself from office. In his departure, as in government, Mr Johnson demonstrated a wanton disregard for the interests of his party and the nation.
Despairing of yet another scandal, over 50 ministers, aides and envoys joined an executive exodus so overwhelming that the BBC featured a ticker with a running total to keep up. In the end the government had so many vacancies that it could no longer function—one reason Mr Johnson should not stay on as caretaker.
As for staying on as a caretaker PM, his party have other ideas:
[S]enior Conservative MPs are pushing back against the idea that Johnson should be allowed to stay in office for any longer and want to see an interim leader in place, such as Dominic Raab. Labour also said it would force a confidence vote on the prime minister unless he stepped down from No 10 in short order.
Support drained away from Johnson as more than 50 ministers and government aides resigned in a rolling walkout, while a slew of once supportive backbenchers declared no confidence in his leadership.
The revolt began on Tuesday evening with the resignations of Sajid Javid and Rishi Sunak as health secretary and chancellor respectively.
On the news, Sterling immediately started climbing from post-pandemic low of $1.19, and the FTSE 100 index also rose a bit. (The Pound hasn't traded at these levels since the mid-1980s, in fact, so I may have to stock up when I'm there later this month.)
Under the UK Constitution, the Prime Minister remains in office until the Queen invites a successor to take over, which will happen in this case when the Conservative Party elects a new leader. An early election seems unlikely, so the Tories will likely remain in power for a while, possibly until the next mandated election in January 2025.