NVDA Q3 Earnings Alert: Why our AI stock picker is still holding Nvidia stockRead More

Rishi Sunak Set to Be Next U.K. PM as Mordaunt Fails to Muster Support

Published 24/10/2022, 14:24
©  Reuters

By Geoffrey Smith 

Investing.com -- Rishi Sunak is set to be the next Prime Minister of the U.K., after his last remaining rival Penny Mordaunt failed to gather enough support from fellow lawmakers to proceed with her bid.

Sir Graham Brady, who chairs the 1922 Committee of backbench Conservative Members of Parliament, said in a statement that Sunak was the only candidate to cross the required threshold of 100 declared supporters. Mordaunt acknowledged the result, paving the way for Sunak to be confirmed as party leader by the nationwide party membership.

The Conservative Party's members had roundly rejected Sunak in a run-off with Liz Truss earlier this summer, preferring Truss's agenda of low taxes and deregulation. Sunak had warned that that agenda would not survive its first encounter with market realities at a time of high inflation and little slack in the economy, and was subsequently proved right by events, as markets pushed the pound to a record low and dumped U.K. government bonds in response.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers
© 2007-2024 - Fusion Media Limited. All Rights Reserved.