Boris Johnson’s days as Prime Minister of Great Britain are numbered: he had to step down as leader of the Conservative party and as prime minister by the fall. The search for a successor could drag on for weeks and paralyze the world’s fifth largest economy. Meanwhile, Scottish Prime Minister Nicola Sturgeon has reiterated her call for independence, and potential successors are eager to leave.
While it is a relief that Johnson is going, more importantly Scotland needs an alternative to the “broken Westminster system” – regardless of who succeeds the prime minister, Sturgeon told the BBC on Thursday. “Scotland wouldn’t want any of these people as prime minister.” Sturgeon has announced a new independence referendum for 2023, although it’s unclear whether a vote would be legal. Johnson rejected a second referendum after a majority of Scots voted pro-union in 2014.
Johnson’s resignation won’t change Brexit
What does Johnson’s resignation mean for Europe and Brexit? That also depends on the successor. There could be some easing in the sensitive border issue between EU country Ireland and Northern Ireland, but Brexit itself will not change anything. “Even the PvdA accepts the exit. A new referendum would therefore make no sense,” British political scientist Melanie Sully told the Krone.
Aside from that, the layoff is adding to uncertainty – which is poison to the UK economy: economic slowdown, high inflation, a huge mountain of debt, to name just a few buzzwords. According to data from mid-June, gross domestic product fell 0.3 percent in April from the previous month. Service providers as well as industry and the construction sector shrank.
Living in the UK is getting more expensive
The British are feeling the pressure of inflation, life is getting more expensive. In May inflation was 9.1 percent, the highest point in 40 years. The British central bank expects values of more than 11 percent later in the year. The pound is trading at its lowest level against the dollar in nearly two years. This also fuels inflation, as it makes imports of dollar-priced goods, such as oil, more expensive.
The future course of financial policy will partly determine the further development of inflation. Important directional decisions are being made here – for example on tax cuts and additional expenditure, for example to relieve citizens of high energy costs. Johnson had repeatedly called for further tax cuts. Retired Finance Minister Rishi Sunak, however, put the brakes on to limit the burden of the high debt burden.
Smaller concessions to the EU?
Budget experts think Britain’s mountain of debt could more than triple to nearly 320 percent of economic output within 50 years. By way of comparison: in the EU, to which Great Britain no longer belongs, an upper limit of 60 percent applies, which is often exceeded. After Brexit, the government in London wants to reposition itself in trade policy. A successor to Johnson could improve tense relations with the EU. However, economists expect only minor concessions.
Who will succeed Johnson?
Secretary of State Liz Truss, who is considered a potential prime minister, has repeatedly defended Johnson’s harsh tone against the EU. Other possible successors include Treasury Secretary Nadhim Zahawi, who was appointed only the day before his resignation, Commerce Secretary Penny Mordaunt and Defense Secretary Ben Wallace, who leads the polls. So far, only Attorney General Suella Braverman has officially announced her candidacy
Source: Krone
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
