It was short, but intense. British Prime Minister Liz Truss resigned on Thursday after just 45 days in office. This fourth change of guard since the famous Brexit voted in 2016 forces the hand towards a change of course. Where is this island without a captain sailing?
For the past few days, European flags have been flying in front of the London parliament among the crowds demanding the resignation of Liz Truss. The anecdote, told by England-based political expert Adam Steinhouse, leads him to conclude that the defeat of Liz Truss “is a defeat of Brexit”.
Inflation, energy crisis, war, strikes… The United Kingdom is tightening its belt like many others on the planet. Except that “everything is more acute because of Brexit”, confirms the native Montrealer.
Liz Truss could have stuck to the terms of the deal struck in 2020. But she preferred to toe the ‘hard Brexit’ line. Britain’s exclusion from the European single market has deprived many Britons of free movement with the continent, hampering trade. Once at the head of the state, Liz Truss persisted in the path of the right, even of the extreme right on the economic level. The main policy of his brief government was to propose a colossal tax cut — 45 billion pounds, or almost 70 billion Canadian dollars — without explaining how to fill this hole in the national budget.
This ultimately aborted promise had time to sow panic in the financial markets. During Truss’s reign, the British pound hit an all-time low, almost at par with the US dollar. The London Stock Exchange lost 5%. The price of mortgages has risen considerably.
The resignation of its Minister of Economy, Kwasi Kwarteng, on October 14, appears today as the first domino which will have led to the change of government.
Mr. Steinhouse sees in it “illusions ruined by non-experts who have tried to resist the facts”.
“In my opinion, it is the defeat of a policy of tax reduction. It is the defeat of an ideology. […] Liz Truss added economic instability to political instability. »
Boris’ return
The king is dead, long live the king ? The name of the next prime minister will come out soon. The race starts on Monday, and the Tories have already claimed Britain’s next leader will be chosen by Friday, October 28.
The changing of the guard could come even faster. A vote is scheduled for next Monday, and the terms of the race leave no room for newcomers. Each candidate must have the support of at least 100 Conservative MPs, since this is a leadership race first and foremost. Liz Truss’ party has 356 elected MPs. Mathematically, there should only be one, two or three candidates competing, at most.
Boris Johnson’s name quickly began to circulate in London political circles. His intentions have been clear since his ” hasta la vista baby launched on July 20 during its final questioning session in Parliament. The former prime minister, currently on vacation in the Caribbean, plays the phone. “He’s testing the waters, he would be talking about a matter of national interest,” said Steven Swinford, political editor of the Timeson Twitter.
The controversial former journalist navigates the winds of change. Rishi Sunak, his former economy minister, poses as a credible option. Despite financial scandals involving his wife, this former banker was second in line in the race that brought Liz Truss to power. Knives will fly low on the weekend, Adam Steinhouse notes, because Team Johnson “hats” Team Sunak. “He was the one who pulled the knives on Boris Johnson. »
The other potential candidate is called Penny Mordaunt. She too was a candidate against Liz Truss to succeed Boris Johnson this summer. His arrival had aroused real enthusiasm. The 49-year-old former defense minister presents herself as a typical and loyal Briton, decked out with a frank humour. ” Keep calm and carry on » [gardez votre calme et continuez]she said Thursday after the resignation of her boss.
Meanwhile, the Labor opposition is chomping at the bit. As it is well ahead in the polls, its leader, Keir Starmer, has called for a general election to be called “now” and not late 2024 or early 2025 as planned. However, there is little chance that the Conservative MPs, with a majority of 71 seats, will not cede their power like Liz Truss.
The next Prime Minister of the United Kingdom will nevertheless have to give a push in the direction of Europe. Or, at least, understand that the British cannot ignore the signals from the continent. But there is no question of going back on Brexit. The word “referendum” has become poisonous to all political fringes in Westminster.
European leaders, they had only wishes for “stability” in their official statements on Thursday.