Three-Way Race for Successor to Prime Minister Truss... Decision Possible as Early as the 24th

UK to Have Fifth Prime Minister in 6 Years
Rishi Sunak, Penny Mordaunt, and Boris Johnson Expected Candidates

[Asia Economy Reporter Yujin Cho] UK Prime Minister Elizabeth Truss announced her intention to resign after 45 days due to policy failures, and the successor selection is expected to be finalized as early as the 24th. The financial market, which was shaken by Truss's resignation announcement that plunged the UK economy into crisis, is relieved, saying "the worst chaos is over."

On the 20th (local time), Bloomberg reported that the Conservative Party is likely to raise the bar for the next prime minister candidate to end the severe political turmoil. According to the election rules prepared by the '1922 Committee,' a meeting of Conservative backbenchers, the candidate registration requirement, which closes on the 24th, is a recommendation from more than 100 fellow MPs. Considering that there are currently 357 Conservative MPs, up to three candidates can emerge.

Major UK media expect a fierce three-way battle for the next prime minister position. It is highly likely to be a contest between former Chancellor Rishi Sunak and Conservative Party House of Commons Chief Whip Penny Mordaunt, who competed with Prime Minister Truss, but the possibility of former Prime Minister Boris Johnson's return is also being mentioned.

Bloomberg raised the possibility of Suella Braverman, former Home Secretary, who submitted her resignation letter the day before and pressured Truss to resign, running for the position. However, the new Chancellor Jeremy Hunt is reported not to be running.

The final candidate nomination will be narrowed down to two through preliminary elections and online voting by party members, and the next prime minister (who will also serve as party leader) is expected to be decided by the 28th at the latest. However, if there is only one candidate who meets the registration requirements, that candidate will be elected on the 24th without further procedures.

The possibility of an early general election is also a variable. Opposition parties such as the Labour Party argue that a fresh start should be made through a general election. Labour leader Keir Starmer said in a media interview on the same day, "We cannot let the Conservative Party conduct another experiment," and insisted, "The people must have a say."

As the Truss risk subsides, the financial market is regaining stability. On this day, Germany's DAX index rose 0.20%, the UK's FTSE and France's CAC40 rose 0.27% and 0.76% respectively, and the pan-European STOXX 600 also rose 0.26%, with European stock markets rising in unison. The pound, which had plunged to a record low of 1.07 pounds against the dollar after the announcement of Truss's tax cut plan, temporarily rose to 1.13 dollars against the dollar on this day.

Prime Minister Truss said at a press conference in front of the Prime Minister's Office in London in the afternoon, "I resign as leader of the ruling Conservative Party and will remain as prime minister until a successor is decided next week." She effectively resigned after 45 days in office, earning the dishonor of being the shortest-serving prime minister in UK history. Truss's resignation statement came immediately after meeting with senior figures of the 1922 Committee. The BBC reported that at this meeting, Truss and Chairman Graham Brady agreed to hold a party leadership election next week.

Since taking office on the 6th of last month, Truss lost leadership after repeatedly making 'policy U-turns' as her flagship economic policy aimed at 'growth through tax cuts' triggered turmoil that shook global financial markets. Facing harsh criticism, even her close aides within the Conservative Party turned their backs, and as key ministers such as Chancellor Kwasi Kwarteng and Home Secretary Braverman were dismissed or resigned voluntarily, the cabinet was on the verge of collapse, and she could no longer hold on.

Thus, Truss left the stigma of being the fourth prime minister since Brexit in 2016 who failed to complete their term. Following David Cameron, Theresa May was forced to resign in disgrace after a no-confidence vote for failing to manage Brexit turmoil, and Boris Johnson, who led the effort to oust May, also resigned three years into his term due to the 'Partygate' scandal.

The US public radio channel NPR reported that due to the political and social turmoil following Brexit, 10 Downing Street, the prime minister's residence, has effectively become a revolving door of chaos.

This content was produced with the assistance of AI translation services.