Beyond Currency

7 July 2022 - Johnson’s Premiership hanging by a thread


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Prime Minister Boris Johnson appears to be reaching the end of the road as support for him to stay in the role collapses.
Previously loyal supporters like Transport Secretary Grant Shapps and Home Secretary Priti Patel joined many of their colleagues in calling for him to step down. Even the new Chancellor of the Exchequer, Nadhim Zahawi, only appointed twenty-four hours earlier, has agreed that it is time for Johnson to leave.
The 1922 Committee, which decides the rules under which the Parliamentary Conservative Members act, has hinted that at its next meeting it may consider changing its rules to allow for more than one vote of confidence a year to take place as is the case currently.
Johnson remains defiant, commenting that he will still be leader at the time of the next General Election, a claim which now appears ludicrous given his crumbling support.
Michael Gove, the levelling up minister, was dismissed from his post yesterday for disloyalty. Gove was one of the most senior members of the cabinet, and his departure will further weaken Johnson’s position.
Beyond Currency Market Commentary:
Aims to provide deep insights into the political and economic events worldwide that can cause currencies to change and how this can affect your FX Exposure.
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