UK Prime Minister Boris Johnson formally resigned as leader of the Conservative Party on Thursday but said he would stay in Downing Street until a successor is found. His ousting coincides with a particularly perilous period for the U.K. economy. Inflation hit a new 40-year high of 9.1% in May and the country is facing a cost of living crisis. But some analysts argue that the U.K. continues to benefit from "strong institutional settings and a credible monetary policy." Meanwhile, the economy unexpectedly shrank in April to mark the first consecutive GDP contractions since the start of the Covid-19 pandemic - and the U.K. is widely tipped to experience a technical recession in the second half of the year. For an analysis of the UK Brexit to Boris's exit, Elvis Presslin spoke to economist Prof Raymond Parsons from the Northwest University School of Business and Governance (SBG).